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U.S. soybean futures fell by the most in a month on Friday, as traders took profits after prices rallied earlier this week and the latest weather forecasts showed the scorching temperatures expected for much of the crop belt may not prove as harsh as expected.
Friday’s 11-15 day forecast showed fewer chances of above-normal temperatures in the crop belt, and “the rain chances and amounts are much heavier than what we have seen previously,” StoneX Financial’s Matt Campbell said, according to Bloomberg.
“With the weather change in the forecast to less heat, prices did not have a reason to break through resistance to the upside,” Naomi Blohm of Total Farm Marketing wrote, as reported by Dow Jones, adding that historically corn futures tend to slide in August, as multiple sources begin reporting estimates from their field surveys.
On the Chicago Board of Trade, soybeans (S_1:COM) for November delivery settled -3.1% to $10.46 1/2 per bushel, wheat (W_1:COM) for September delivery finished -2.8% to $5.22 3/4 per bushel, and December corn (C_1:COM) closed -2.6% to $4.10 per bushel.
ETFs: (NYSEARCA:SOYB), (NYSEARCA:WEAT), (NYSEARCA:CORN), (DBA), (MOO)
The wave of short-covering that defined trading in recent days slowed on Friday, Charlie Sernatinger of Maxes said, according to Dow Jones, as “it appears as if those corn and bean traders that wanted out of shorts got out yesterday in front of the weekend.”
