Soybean futures surge to six-week high
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.
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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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(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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