Soybeans lead grains lower Friday
Soybean futures fell 1.8% to a one-month low Friday, pressured by speculation that widespread rains in the Midwest this week will improve the prospects of the drought-stricken U.S. soybean crop.
Corn and wheat also declined.
Soybeans settled lower for a second straight day, extending their retreat from a recent rally. The oil seed surged 16% from mid-August to mid-September as hot, dry weather punished the crop in major growing states including Iowa, Illinois and Minnesota.
Rainfall across the Farm Belt this week likely is providing stability for soybean plants and keeping them from suffering further yield losses, which is bearish for soybean prices, analysts said. The rains likely arrived too late, however, to provide much improvement in yields.
Soybean futures for November delivery dropped 24 1/4 cents to $13.15 1/4 a bushel at the Chicago Board of Trade, the lowest closing price since Aug. 20.
Corn and wheat futures were pulled lower by the weakness in soybean futures, analysts said. Corn also was weighed down by anecdotal reports indicating that yields for corn harvested in the southern and eastern Midwest are better than expected, they said.
Corn for December delivery at CBOT declined 8 1/2 cents, or 1.9%, to $4.51 a bushel.
Wheat prices cooled after jumping Thursday on signs of improved export demand. CBOT December wheat fell 10 3/4 cents, or 1.6%, to $6.46 1/4 a bushel.
Write to David Kesmodel at email@example.com
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(END) Dow Jones Newswires
September 20, 2013 14:40 ET (18:40 GMT)
DJ U.S. Soybean Futures Close at One-Month Low; Corn, Wheat Drop->copyright
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