Investing.com - U.S. grain futures were mixed on Monday, with soybean prices edging higher as lingering warm and dry weather in the U.S. Midwest fuelled concerns over crop conditions.
On the Chicago Mercantile Exchange, soybeans futures for November delivery traded at USD13.7450 a bushel, up 0.45%. The November contract settled little changed at USD13.6760 a bushel on Friday.
Prices of the oilseed traded in a range between USD13.7088 a bushel, the daily low and a session high of USD13.8388 a bushel.
Updated weather forecasting models pointed to warm and dry weather across major soy-growing states in the Midwest during the next three-to-five-days.
Agricultural traders pay close attention to the weather because farmers need favorable conditions to grow large crops to replenish low inventories.
The U.S. Department of Agriculture will likely lower its soybean production estimate when it releases its monthly supply and demand report on September 12.
Elsewhere on the CBOT, corn futures for December delivery traded at USD4.6613 a bushel, down 0.45%. The December corn contract ended 1.6% higher at USD4.6820 a bushel on Friday.
Prices held in a range between USD4.6538 a bushel, the session low and a daily high of USD4.7088 a bushel.
Friday’s gains came as investors returned to the market to seek cheap valuations in wake of recent losses.
Corn prices fell to a three-week low of USD4.5712 a bushel on September 5 after weather forecasts showed precipitation was expected across key corn-growing states in the Corn Belt in the next five days.
Meanwhile, wheat for December delivery traded at USD6.4400 a bushel, 0.45% lower. The December contract ended up 1.2% at USD6.4760 a bushel on Friday.
Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.
On the Chicago Mercantile Exchange, soybeans futures for November delivery traded at USD13.7450 a bushel, up 0.45%. The November contract settled little changed at USD13.6760 a bushel on Friday.
Prices of the oilseed traded in a range between USD13.7088 a bushel, the daily low and a session high of USD13.8388 a bushel.
Updated weather forecasting models pointed to warm and dry weather across major soy-growing states in the Midwest during the next three-to-five-days.
Agricultural traders pay close attention to the weather because farmers need favorable conditions to grow large crops to replenish low inventories.
The U.S. Department of Agriculture will likely lower its soybean production estimate when it releases its monthly supply and demand report on September 12.
Elsewhere on the CBOT, corn futures for December delivery traded at USD4.6613 a bushel, down 0.45%. The December corn contract ended 1.6% higher at USD4.6820 a bushel on Friday.
Prices held in a range between USD4.6538 a bushel, the session low and a daily high of USD4.7088 a bushel.
Friday’s gains came as investors returned to the market to seek cheap valuations in wake of recent losses.
Corn prices fell to a three-week low of USD4.5712 a bushel on September 5 after weather forecasts showed precipitation was expected across key corn-growing states in the Corn Belt in the next five days.
Meanwhile, wheat for December delivery traded at USD6.4400 a bushel, 0.45% lower. The December contract ended up 1.2% at USD6.4760 a bushel on Friday.
Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.