Investing.com - U.S. grain futures were mixed on Wednesday, with soybean prices extending losses from the previous session amid speculation crop-friendly weather in the U.S. and Brazil will boost global supplies.
On the Chicago Mercantile Exchange, soybeans futures for November delivery traded at USD12.8438 a bushel, down 0.3%. Prices of the oilseed fell to a daily low of USD12.8163 a bushel earlier in the session, the weakest October 4.
The November soy contract ended 0.6% lower at USD12.8860 a bushel on Tuesday.
Agricultural meteorologists forecast wet weather across soybean-growing regions in Brazil, which was expected to moisten the soil for germination.
Brazil is the world’s second largest soybean producer and the third biggest exporter of the grain. Large Brazilian crop prospects could weigh on demand for U.S. supplies, which is the world’s largest soy exporter.
Elsewhere on the CBOT, corn futures for December delivery traded at USD4.4238 a bushel, inching up 0.1%. Prices held in a tight range between USD4.4063 a bushel, the daily low and a session high of USD4.4388 a bushel.
The December corn contract settled 1.67% lower on Tuesday to end at USD4.4160 a bushel.
Tuesday’s sell-off came as updated weather forecasting models pointed to mostly dry conditions, which was likely to aid the harvest.
Corn prices have been on a downward trend in recent weeks, amid expectations U.S. farmers will harvest the largest corn crop on record this season.
Prices of the grain fell to a three-year low of USD4.3512 a bushel on October 2.
Meanwhile, wheat for December delivery traded at USD6.9113 a bushel, down 0.3%. Wheat traded in a range between USD6.9063 a bushel, the daily low and a session high of USD6.9413 a bushel.
The December contract settled down 0.18% at USD6.9340 a bushel on Tuesday, as a round of profit-taking kicked in after prices touched a session high of USD6.9960 a bushel, the strongest level since June 24.
Wheat futures have been well-supported in recent sessions amid indications of robust demand for U.S. supplies and as concerns over crop conditions in the Black-Sea region mounted.
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 USD12.8438 a bushel, down 0.3%. Prices of the oilseed fell to a daily low of USD12.8163 a bushel earlier in the session, the weakest October 4.
The November soy contract ended 0.6% lower at USD12.8860 a bushel on Tuesday.
Agricultural meteorologists forecast wet weather across soybean-growing regions in Brazil, which was expected to moisten the soil for germination.
Brazil is the world’s second largest soybean producer and the third biggest exporter of the grain. Large Brazilian crop prospects could weigh on demand for U.S. supplies, which is the world’s largest soy exporter.
Elsewhere on the CBOT, corn futures for December delivery traded at USD4.4238 a bushel, inching up 0.1%. Prices held in a tight range between USD4.4063 a bushel, the daily low and a session high of USD4.4388 a bushel.
The December corn contract settled 1.67% lower on Tuesday to end at USD4.4160 a bushel.
Tuesday’s sell-off came as updated weather forecasting models pointed to mostly dry conditions, which was likely to aid the harvest.
Corn prices have been on a downward trend in recent weeks, amid expectations U.S. farmers will harvest the largest corn crop on record this season.
Prices of the grain fell to a three-year low of USD4.3512 a bushel on October 2.
Meanwhile, wheat for December delivery traded at USD6.9113 a bushel, down 0.3%. Wheat traded in a range between USD6.9063 a bushel, the daily low and a session high of USD6.9413 a bushel.
The December contract settled down 0.18% at USD6.9340 a bushel on Tuesday, as a round of profit-taking kicked in after prices touched a session high of USD6.9960 a bushel, the strongest level since June 24.
Wheat futures have been well-supported in recent sessions amid indications of robust demand for U.S. supplies and as concerns over crop conditions in the Black-Sea region mounted.
Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.