Grains mixed as traders hedge weather bets
U.S. soybean futures declined Friday, as market participants scaled back bullish bets.
Traders focused weather -- as forecasts for modest rainfall in the northern and eastern edges of the Farm Belt this weekend could replenish some dry soybean fields. After a week of hot, dry weather, any shift in precipitation models over the next three days could have major implications for the health of the crop and projected total supplies.
Chicago Board of Trade September soybeans fell 6 cents, or 0.4%, at $14.24 a bushel. Most-active November soybeans declined 11 cents, or 0.8%, at $13.57 1/2 a bushel.
Corn futures also faced pressure from profit taking, but recovered late in the session to settle just above unchanged. No deliveries for physical corn or soybeans at CBOT September futures prices were announced Friday, indicating that supplies in the near-term are likely to remain tight, providing some support for prices."
The most-active December contract picked up 1/2 cent, or 0.1%, at $4.82 a bushel.
Wheat futures ended mixed, supported in the spot contract by the gains in corn, as the two grains are direct substitutes in animal feed. CBOT September wheat picked up 2 cents, or 0.3%, at $6.43 1/4 a bushel.
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(END) Dow Jones Newswires
August 30, 2013 14:49 ET (18:49 GMT)
DJ U.S. Soybean Futures Decline on Supply Caution; Corn Ends Mixed->copyright
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