By Julie Ingwersen
CHICAGO, June 15 (Reuters) – U.S. soybean futures fell on Tuesday on an improved climate outlook for the Midwest crop belt, analysts mentioned.
The forecasts for cooler and wetter situations later this month additionally pressured new-crop corn futures on the Chicago Board of Commerce (CBOT), though front-month July corn gained in opposition to again months on spreads.
As of 1:07 p.m. CDT (1807 GMT), CBOT July soybeans SN1 have been down 7 cents at $14.65-1/Four per bushel, with new-crop November soybeans SX1 down 22-1/Four cents at $13.73.
CBOT July corn CN1 was up 6-1/2 cents at $6.65-3/Four a bushel, whereas new-crop December corn CZ1 was down 8-1/Four cents at $5.73.
In the meantime, CBOT wheat futures fell almost 2% on seasonal strain from the beginning of the Northern Hemisphere harvest. CBOT July wheat WN1 was down 13 cents at $6.61-1/2 per bushel.
Soybeans set the tone, sagging as merchants continued to react to climate forecasts calling for helpful rains and cooler temperatures subsequent week.
“We’re seeing follow-through promoting from enhancing climate. Temperatures have been just a little bit cooler than was forecast the day before today,” mentioned Terry Reilly, senior analyst with Futures Worldwide.
Expectations that the moisture would bolster crop prospects helped to overshadow a drop in weekly U.S. crop situation scores.
The U.S. Division of Agriculture late Monday rated 68% of the U.S. corn crop pretty much as good to wonderful, down 4 factors from the earlier week, and 62% of the soybean crop pretty much as good to wonderful, down 5 factors.
“Regardless that scores have been down, they’re most likely going to be higher in a pair weeks as a result of we’re presupposed to get rain,” mentioned Jack Scoville, analyst with the Value Futures Group.
Further strain stemmed from a lower-than-expected month-to-month soy crush determine for Could from the Nationwide Oilseed Processors Affiliation.
NOPA mentioned its members crushed 163.5 million bushels of soybeans in Could, up from 160.Three million in April however under a median of analyst expectations for 165.1 million bushels.
CBOT wheat fell because the U.S. winter wheat harvest obtained rolling, though the harvest was solely 4% full by Sunday, the USDA mentioned, lagging the five-year common of 15%.
Egypt’s state grains purchaser, the Common Authority for Provide Commodities, cancelled a global wheat buying tender. The company didn’t present a purpose, however merchants mentioned excessive freight charges might have been an element.
(Additinoal reporting by Gus Trompiz in Paris and Naveen Thukral in Singapore; Modifying by Shounak Dasgupta, Steve Orlofsky and Jan Harvey)
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