Soybeans held declines after retreating from a one-month high amid expectations that drier weather forecast for some growing areas the U.S. will aid the harvesting of a record crop.
The contract for November delivery traded 0.2 lower at $9.5075 a bushel on the Chicago Board of Trade at 10:17 a.m. in Singapore. The oilseed climbed to $9.785 yesterday, the highest level for a most-active contract since Sept. 18, before reversing to end 1.3 percent lower at $9.525.
Showers will be very limited for the next two weeks, allowing the Midwest soybean and corn harvest to get back on track, Commodity Weather Group said in a report yesterday. About 40 percent of the U.S. soybean crop and 24 percent of the corn crop was harvested as of Oct. 12, trailing five-year averages, the U.S. Department of Agriculture said Oct. 14. The U.S. is the biggest grower of both crops, USDA data show.
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.