By Karl Plume
CHICAGO, Aug 27 (Reuters) – U.S. soybean futures fell for a second straight session on Friday as rains have been seen boosting harvest prospects in some dry areas of the Midwest farm belt.
Wheat futures fell on profit-taking and spillover strain from decrease soybeans, though issues about international provides restricted declines.
Corn was decrease a lot of the session however closed firmer on end-of-week positioning and issues that rains would solely be helpful for a small share of the crop that’s maturing later than regular.
“There have been good rains in a single day and extra rain within the forecast for Iowa and Minnesota. That is going to assist late-filling corn and soybean crops in that space,” mentioned Brian Hoops, president of Midwest Market Options.
Grain merchants welcomed extra U.S. corn and soybean export gross sales, though gross sales volumes have been largely routine, he mentioned.
The U.S. Division of Agriculture (USDA) on Friday confirmed 129,000 tonnes of U.S. soybeans offered to China and 150,000 tonnes of corn offered to Colombia.
Worries about diminished demand from biofuel producers continued to hold over corn and soybean costs.
The U.S. Environmental Safety Company has really helpful retroactively reducing biofuel mixing mandates for 2020, two sources aware of the matter mentioned, after the company on Thursday despatched a proposal on the mandates to the White Home for assessment.
Chicago Board of Commerce November soybeans SX1 fell Three cents to $13.23-1/four a bushel however ended 2.5% increased on the week. December corn futures CZ1 gained Three cents to $5.53-3/four a bushel for a 3.1% weekly achieve, their fourth in 5 weeks.
CBOT December wheat WZ1 fell 6-3/four cents to $7.32-1/2 a bushel, with losses tempered by issues about tightening international provides amid diminished harvests in Russia and elsewhere. The contract was up 0.6% within the week.
Russian agriculture consultancy Sovecon reduce its wheat export forecast to the bottom in 5 years, due partly to a smaller crop.
(Reporting by Karl Plume in Chicago Further reporting by Sybille de La Hamaide in Paris and Colin Packham in Canberra; Modifying by Matthew Lewis and Steve Orlofsky)
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