Soybeans Heading for Worst Run Since July on Midwest Rainfall Soybeans dropped for a fourth day, heading for the longest losing streak in more than two months, on speculation that rain in the U.S. Midwest may halt a deterioration in crop conditions. Corn and wheat advanced. The contract for November delivery lost as much as 0.5 percent to $13.3625 a bushel on the Chicago Board of Trade and was at $13.4075 by 10:09 a.m. in Singapore. Prices fell to $13.32 yesterday, the lowest level since Aug. 23. A fourth day of losses would be the worst run since July 2. Futures climbed for six straight weeks through Sept. 13 as dry, hot weather across the Midwest increased concern that yields will trail forecasts. Rainfall may be highest over the eastern Midwest, and the east and south portion of the western Midwest, while a lack of cold weather will help crops mature, forecaster DTN said in a report yesterday. Crop conditions have declined for five straight weeks, government data show. “The market’s been strong for beans,” said Michael Pitts, a commodity sales director at National Australia Bank Ltd. in Sydney. “We’ve seen some weather that looks like it’s going to slow things down a little and people are taking it as a selling opportunity.” The U.S. harvest may total 3.149 billion bushels, less than expected in August and 4.4 percent more than last year, the Department of Agriculture estimates. About 50 percent of the crop was rated in good or excellent condition as of Sept. 15, from 52 percent a week earlier, according to the USDA. Corn for December delivery advanced 0.3 percent to $4.5525 a bushel. Prices fell to $4.5325 yesterday, the lowest since Aug. 14. Wheat for December rose 0.2 percent to $6.4425 a bushel.
Posted on: Wed, 18 Sep 2013 02:41:02 +0000
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