Chicago Board of Trade soyabean futures were lower early on Thursday amid less-threatening weather outlooks for crops in the eastern US Midwest, traders said. Forecasts for the six- to 10-day period called for hot, dry conditions early in the period with wetter weather to follow.
July soyabeans were down 9-1/4 cents at $8.29-3/4 per bushel by 10:37 am CDT. Crops in the eastern Corn Belt were under stress from a lack of rain this season. But it was expected to see beneficial rains in a lot of the dry areas late this week. Early next week it will be hot and dry again, DTN Meteorlogix forecast.
Long-term prospects were for US farmers to plant fewer soyabeans and more corn in the years ahead, thus shrinking global supplies remains supportive. There also were ideas beginning to be circulated among traders and analysts that the US Agriculture Department could raise its estimate of 2007 US corn acreage and lower beans in its June 29 acreage report.
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