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U.S. soybean futures ease off 5-week high on profit-taking

Published 06/18/2015, 07:08 AM
Updated 06/18/2015, 07:08 AM
U.S. soybean prices fall from 5-week high

Investing.com - U.S. soybean futures declined for the first time in three sessions on Thursday, as investors cashed out of the market to lock in gains from a recent rally which took prices to five-week highs.

On the Chicago Mercantile Exchange, US soybeans for July delivery shed 3.32 cents, or 0.34%, to trade at $9.6488 a bushel during U.S. morning hours.

A day earlier, prices of the oilseed hit $9.7200, a level not seen since May 12, before settling at $9.6900, up 11.4 cents, or 1.2%, amid growing concerns over crop conditions.

According to the U.S. Department of Agriculture, nearly 67% of the soybean crop was in good to excellent condition as of June 14, down from 69% in the preceding week and compared to 73% in the year-earlier period.

Almost 87% of the soybean crop was planted, below the five-year average pace of 90% for this time of year.

Meanwhile, US wheat for July delivery tacked on 0.88 cents, or 0.18%, to trade at $4.9188 a bushel. On Wednesday, wheat rose 2.4 cents, or 0.51%, to close at $4.9120 amid speculation wet weather in key U.S. wheat-growing states may further delay the pace of the harvest.

Approximately 11% of the U.S. winter-wheat crop was harvested as of June 14, below the 15% harvested in the same week a year earlier and trailing the five-year average of 20% for this time of year.

Elsewhere on the Chicago Board of Trade, US corn for July delivery inched down 0.27 cents, or 0.08%, to trade at $3.5812 a bushel. Prices advanced 5.2 cents, or 1.48%, on Wednesday to end at $3.5920.

73% of the corn crop was in good to excellent condition as of June 14, according to the USDA, down from 74% in the preceding week.

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

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