Commodity funds were net sellers of CBOT soybean, corn and wheat futures contracts on Wednesday as improving weather forecasts sparked further declines in prices. The soy market was supported by signs that overseas buyers were looking to the United States to fill gaps caused by shortfalls in the Argentine crop, traders said.
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“The big difference between this year and last year is what’s going on in the eastern Corn Belt”, Vaclavik explains.
Statewide, the average temperature was 76.1 degrees, 0.1 degree below normal. “Most areas should be just fine”. The most active contract bottomed out at $3.39-1/4 a bushel, its lowest since October 20, 2014.
“If the forecast remains benign, another good move lower can be expected”, said Charlie Sernatinger, head of grains trading at ED&F Man Capital Markets. “The uniformity of the crop this year keeps above trend yield potential intact”.
About 67% of the corn crop is at the silking stage, five days ahead of a year ago and a week ahead of normal and reports across the state had some corn at the dough stage. Across the State there were scattered reports of corn reaching the dough stage.
At 9:42 a.m. CDT (1442 GMT), Chicago Board of Trade (CBOT) November soybean futures were down 43 cents at $9.69-1/2 a bushel. Old-crop soybean sales were 325,000 metric tons. It closed below that key technical point for the first time since March 3 on Wednesday.
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September Wheat delivery fell 5 cents, or 1.2%, to 4.13 bu.
