Soybeans Extend Drop as Weather Aids U.S. Harvest, Brazil Sowing

October 9, 2013 02:02 AM
Soybeans Extend Drop as Weather Aids U.S. Harvest, Brazil Sowing

Soybeans fell for a second day on speculation supplies may expand with favorable weather in the U.S. and Brazil.

Farmers began planting soybeans in central Brazil after recent rains moistened soil for germination, Hinsdale, Illinois- based researcher Soybean & Corn Advisor Inc. reported yesterday. The U.S. Midwest will see dry weather that helps advance the harvest, said T-Storm Weather LLC in Chicago. The corn harvest was 12 percent complete on Sept. 29, while soybean collection was 11 percent done, government data show.

"Forecasts for favorable harvest weather in the U.S. and beneficial planting rains in South America weighed on CBOT soybean prices," Luke Mathews, a commodity strategist at Commonwealth Bank of Australia, wrote in a note today.

Soybeans for November delivery fell 0.2 percent to $12.8675 a bushel on the Chicago Board of Trade by 3:59 a.m. Futures trading volumes were double the average for the past 100 days for this time of day, according to data compiled by Bloomberg.

"Harvests are progressing in the U.S. and should be around 20 percent completed for corn and soybeans, with generally rather satisfying yields," Paris-based farm adviser Agritel wrote in a market comment today.

Wheat for December delivery was unchanged at $6.935 a bushel in Chicago, after rising to $6.9975 a bushel yesterday, the highest since June 24. Milling wheat for November delivery traded on NYSE Liffe in Paris added 0.4 percent to 197 euros ($266.46) a metric ton.

Corn for December delivery added 0.5 percent at $4.4375 a bushel after retreating as much as 2.1 percent yesterday, the biggest intraday decline since Sept. 30.

The U.S. Department of Agriculture’s scheduled update of global supply and demand forecasts on Oct. 11 will be delayed by the government’s partial shutdown that began Oct. 1. The uncertainty related to the absense of USDA data may prompt operators to reduce market exposure, Agritel said.




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