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Soybean futures surge to six-week high

09/03/2013 @ 2:28pm

U.S. soybean futures notched a fresh six-week high Tuesday, fueled by concerns that a recent spell of hot, dry weather during the oilseed's crucial development stages could reduce the size of this year's crop.

Chicago Board of Trade September soybeans rose 11 1/2 cents, or 0.8%, to $14.35 1/2 a bushel, the highest closing price for the spot contract since July 23. Most-active November soybeans picked up 29 1/4 cents, or 2.15%, at $13.89 3/4 a bushel.

Soybean futures have steadily risen over the past few weeks, as unfavorable weather has accompanied the nation's soy crop through its crucial, yield-determining stages of growth, including setting pods and filling them out with beans. Dry conditions during those stages can reduce expected output.

Corn futures, meanwhile, were pressured by declining values for the grain in cash markets, as supplies harvested in the south make their way upstream.

The most-active December contract slid 6 3/4 cent, or 1.4%, at $4.75 1/4 a bushel.

Wheat futures followed the declines in corn, as the two grains are direct substitutes in animal feed. CBOT September wheat shed 6 ¾ cents, or 1.05%, to $6.36 1/2 a bushel.

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Write to Kelsey Gee at kelsey.gee@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
September 03, 2013 14:53 ET (18:53 GMT)
DJ U.S. Soybean Futures Settle Higher on Dry Weather; Corn Declines->copyright


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