Soybeans fall to seven-week low as dry Midwest weather pressures corn and wheat

what happened

According to ru.tradingview.com, US soybean futures dropped to a seven-week low on Friday. The November contract, SX26, on the Chicago Board of Trade closed at $12.61 1/4 a bushel, down 1 3/4 cents, and fell 2.4% over the week. Intraday it touched the lowest level since August 27, even though demand from China revived. The US Department of Agriculture confirmed private sales of 558,000 metric tons of US soybeans to China, bringing confirmed sales to China to 1.358 million tons over three days.

December corn, CZ26, lost 3 3/4 cents to $4.74 1/4 a bushel, close to a two-month low, and posted a third straight weekly decline. December wheat, WZ26, slid to $6.60 1/2 a bushel, down 9 1/2 cents on the day and 1.6% on the week, and extended its run of weekly losses to seven, reaching a two-month low.

why it matters

Dry weather across the Midwest speeds up the corn and soybean harvest and winter wheat planting, so markets expect more supply in the coming weeks. Technical selling and long liquidation ahead of the weekend added pressure, although earlier rains delayed field work in many areas.

market impact

Grains: faster harvest adds supply, pressuring soybean, corn and wheat futures

tags

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