Soybeans slide on predicted rains in Brazil

CHICAGO: Chicago soybean futures fell on Friday as the weather forecast in drought-stricken northern Brazil promised much-needed rain for producers who are dealing with the prospect of low yields and damaged crops.

Corn and wheat both ended higher as traders continued to cover short positions in both markets. The most active soybean contract settled down 17-3/4 cents to close at $13.25 per bushel, finishing the week 0.4% lower.

Forecast showers and easing heat in northern Brazil could help crops next week in the world’s biggest soybean exporting nation. “It looks like the weather patterns have indeed turned around,” said Tom Fritz, a partner with brokerage EFG Group in Chicago.