CHICAGO: Chicago soyabean futures were mixed on Thursday, pressured by cool, rainy forecasts across the US growing belt, though dryness in the upper Midwest continues to threaten developing crops.
Corn eased as beneficial rains aided crops entering pollination, while wheat firmed as sparse moisture reached drought-hit spring wheat regions.
The most-active soyabean contract on the Chicago Board of Trade (CBOT) eased 1/4 cent to $13.27 per bushel by 11:38 a.m. (1738 GMT).
CBOT corn fell 1-1/2 cents to $5.29-1/2 per bushel and wheat fell 1/2 cent to $6.21-3/4 per bushel.
Soyabeans attempted to move higher for a second day following lower-than-expected crop ratings from the US Department of Agriculture earlier in the week.
“The upper Midwest, where it is its driest, could still be more vulnerable on the beans,” said Mark Schultz, chief analyst at Northstar Commodities.
Soyabeans have benefited from recent rains, though will need moisture in late July/early August during the crucial development phase for the US crop.
Corn was pressured by cooler, wetter forecasts that benefit the crop as tassles come on, Schultz said.
“The crop looks amazingly good, for the little bit of moisture they’ve received.”
Corn was also pressured by a report from Brazil’s CONAB agency that dropped the country’s 2020/2021 total crop to 93.385 million tonnes from 96.392 million tonnes in its June forecast. Traders anticipated a greater drop in corn supply from the South American producer, according to Mike Zuzolo, president of Global Commodities Analytics.
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