US soybeans fall due to rain forecasts; corn rises and wheat weakens

US soybeans fall due to rain forecasts; corn rises and wheat weakens

US soybean futures fell for the fourth session in five on Friday, pressured by forecasts of rain in the Midwest that could boost the harvest in a key development period, traders said.

* “Last year taught us that crops can survive (and even thrive) with minimal and punctual rains,” Matt Zeller, director of market information at brokerage StoneX, said in a note to clients.

* Corn futures held firm on technical buying, while wheat futures eased as traders watched the progress of exports from Black Sea ports in war-torn Ukraine.

* By 1514 GMT, Chicago November soybean futures were down 13.5 cents at $14.0425 a bushel.

* “Most of the United States is heading into the start of the pod-filling season with heat and scattered showers in the near term, before more rain in the eastern and north-central areas this weekend,” he said. FuturesOne in a note to clients.

* Signs of renewed import demand this week helped limit losses, traders said.

* Private exporters reported selling 132,000 tons of soybeans to China and another 132,000 tons to unknown destinations, according to the US Department of Agriculture.

* CBOT December corn was up 5.25 cents at $6.1150 a bushel. The contract found support after touching its 20-day moving average.

* Three ships with a total of 58,041 tonnes of corn were allowed to leave Ukrainian ports on Friday as part of a deal to unblock grain exports.

* Soft red winter wheat for September was down 6 cents at $7.7650 a bushel.

* The resumption of Ukrainian seaborne trade has weighed on grain prices this week, with Chicago wheat hitting a six-month low, though strong international demand and talk of China’s interest in US soybeans have lent some support

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