BLBG:Soybeans Fall for a Second Day as Rains Ease South American Crop Concern
Soybeans slid for a second day in Chicago as rains forecast in Brazil and Argentina helped ease concern that drought may curb supply. Corn and wheat dropped.
Sufficient rain will fall on at least three-quarters of Argentina (US09PRAR)’s soybean and corn crops this week and next, aiding harvest prospects, Richard Feltes, a vice president of research at Chicago-based R.J. O’Brien & Associates, said in a report yesterday. The country is the world’s second-biggest corn exporter after the U.S. and ranks third for soybeans.
Rainfall “has helped keep harvest concerns in Mato Grosso from becoming more serious,” Feltes said, referring to the state that’s Brazil’s biggest soybean grower. The nation is the second-largest soybean shipper globally after the U.S.
Soybeans for March delivery dropped 1.1 percent to $12.06 a bushel by 8:49 a.m. London time on the Chicago Board of Trade. The oilseed gained 2.7 percent last week, the second advance in a row.
Corn for March delivery fell 0.7 percent to $6.37 a bushel and wheat for March delivery declined 0.5 percent to $6.4425 a bushel. Both grains climbed the most in five weeks last week.
To contact the reporters on this story: Tony C. Dreibus in London at tdreibus@bloomberg.net; Luzi Ann Javier in Singapore at ljavier@bloomberg.net
To contact the editor responsible for this story: James Poole at jpoole4@bloomberg.net
