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Soybean futures fall on crop weather

07/18/2013 @ 3:14pm

U.S. soybean futures stayed lower as trading ended Thursday, pressured by a more favorable weather forecast for crops.

Corn futures were mixed, with deferred futures also pressured by the better weather outlook. But nearby corn contracts rose on worries about tight current supplies and strong cash markets.

Chicago Board of Trade August soybean futures settled down 8 1/4 cents or 0.6% at $14.69 1/4 a bushel.

September corn rose 2 1/2 cents or 0.5% to $5.41 a bushel. December corn fell 1 1/4 cents or 0.2% to $5.00 3/4 a bushel.

Forecasts on Thursday called for greater chances of rain in the western Farm Belt, including in areas where dryness has become a concern in Nebraska, Kansas and Missouri. Cooler, wet weather in much of the rest of the Midwest will also favor healthy crop development.

Mild weather is particularly important for corn crops over the next two weeks, as much of that crop will go through its crucial pollination phase.

Wheat futures fell on the weakness in corn and soybeans and on a weekly government report that showed export sales of wheat at the low end of analysts' expectations.

CBOT September wheat fell 4 1/2 cents or 0.7% to $6.60 1/2 a bushel.


Write to Owen Fletcher at owen.fletcher@dowjones.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
July 18, 2013 14:37 ET (18:37 GMT)
DJ U.S. Soybean Futures Settle Lower On Better Weather Outlook->copyright

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