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Grain futures mixed; Soybeans fall 1% on Midwest rain forecasts

Published 09/16/2013, 06:20 AM
Updated 09/16/2013, 06:20 AM
Investing.com - U.S. grain futures were mixed on Monday, with soybean prices declining as forecasts for rain in the U.S. Midwest eased concerns over U.S. yield potential.

On the Chicago Mercantile Exchange, soybeans futures for November delivery traded at USD13.6713 a bushel, down 1%.

Prices of the oilseed fell by as much as 1.5% earlier in the day to hit a session low of USD13.6050 a bushel. The November soy contract settled 1.05% lower at USD13.8140 a bushel on Friday.

Updated weather forecasting models pointed to much-needed rainfall across major soy-growing states in the northwestern Midwest during the next six-to-ten days, potentially improving crop conditions.

Soybean prices have been well-supported in recent weeks as lingering warm and dry weather in the U.S. Midwest fuelled concerns over crop conditions.

The U.S. Department of Agriculture lowered its forecast for the U.S. soybean crop to 3.149 billion bushels last week, down 3% from its estimate in August.

Soybean stockpiles will total 150 million bushels the end of the current crop year on August 31, 2014, below analysts' expectations for 161 million bushels.

Elsewhere on the CBOT, corn futures for December delivery traded at USD4.5963 a bushel, up 0.25%.

Prices held in a range between USD4.5462 a bushel, the session low and a daily high of USD4.5963 a bushel. The December corn contract ended down 1.55% at USD4.5900 a bushel on Friday.

Corn prices traded near a four-week low after the USDA said last week that the U.S. corn crop will total 13.84 billion bushels in the 2013 marketing season, up 0.6% from its August forecast and the largest crop on record.

Meanwhile, wheat for December delivery traded at USD6.4438 a bushel, up 0.45%.

Wheat futures traded in a range between USD6.3863 a bushel, the daily low and a session high of USD6.4463 a bushel. The December contract settled 1.75% lower at USD6.4140 a bushel on Friday.

The USDA raised its estimate for global wheat production to a record 708.89 million metric tons, up 0.5% from last month.

Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.

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