CHICAGO: US soybean and corn futures fell on Wednesday on forecasts for improving weather in the Midwest, including rains next week that should boost crop production prospects, analysts said.
Wheat futures rose as traders awaited the outcome of Egyptian wheat purchase negotiations, as well as talks on a possible deal to boost grain exports from war-torn Ukraine.
Turkish President Tayyip Erdogan said he wants a general agreement reached between Ukraine, Russia, Turkey and the United Nations on a UN-led plan to resume Ukrainian Black Sea grain exports to be put in writing this week.
As of 1:05 p.m. CDT (1805 GMT), Chicago Board of Trade November soybeans were down 28-1/2 cents at $13.29-3/4 per bushel. December corn was down 7 cents at $5.88-1/4 a bushel, while September wheat was up 3-3/4 cents at $8.16 a bushel.
Soy and corn fell as traders focused on weather forecasts for the United States, where rains expected next week were seen easing some of the stress on crops from a hot spell that has scorched the southern Plains and extended into the southern Midwest.
“Traders are a little more optimistic that when this (high pressure) ridge shifts back and forth across the US, it will bring some fronts in,” said Terry Reilly, senior commodity analyst with Futures International in Chicago.
July is the key weather month for the development of the US corn crop, while August is more important for soybeans.
Corn drew underlying support from bullish weekly ethanol data, Reilly noted. The US Energy Information Administration said weekly production of corn-based ethanol rose last week to 1.030 million barrels per day, the first increase in five weeks, and stockpiles fell slightly.