CHICAGO: US soyabean futures fell on Tuesday on an improved weather outlook for the Midwest crop belt, analysts said.
The forecasts for cooler and wetter conditions later this month also pressured new-crop corn futures on the Chicago Board of Trade (CBOT), although front-month July corn gained against back months on spreads.
As of 1:07 p.m. CDT (1807 GMT), CBOT July soyabeans were down 7 cents at $14.65-1/4 per bushel, with new-crop November soyabeans down 22-1/4 cents at $13.73.
CBOT July corn was up 6-1/2 cents at $6.65-3/4 a bushel, while new-crop December corn was down 8-1/4 cents at $5.73.
Meanwhile, CBOT wheat futures fell nearly 2% on seasonal pressure from the start of the Northern Hemisphere harvest. CBOT July wheat was down 13 cents at $6.61-1/2 per bushel.
Soyabeans set the tone, sagging as traders continued to react to weather forecasts calling for beneficial rains and cooler temperatures next week.
The US Department of Agriculture late Monday rated 68% of the US corn crop as good to excellent, down four points from the previous week, and 62% of the soyabean crop as good to excellent, down five points.
Additional pressure stemmed from a lower-than-expected monthly soya crush figure for May from the National Oilseed Processors Association.
NOPA said its members crushed 163.5 million bushels of soyabeans in May, up from 160.3 million in April but below an average of analyst expectations for 165.1 million bushels.
CBOT wheat fell as the US winter wheat harvest got rolling, although the harvest was only 4% complete by Sunday, the USDA said, lagging the five-year average of 15%.
Egypt’s state grains buyer, the General Authority for Supply Commodities, cancelled an international wheat purchasing tender. The agency did not provide a reason, but traders said high freight rates may have been a factor.
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