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.
The precipitation additionally weighed down corn costs, though a lot of the crop was already too mature to profit vastly.
Wheat futures fell on end-of-week revenue taking and spillover strain from decrease corn and soybeans, with considerations about world provides limiting declines.
Regardless of Friday’s downturn, grains and soy stay on tempo for reasonable weekly positive factors.
“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 principally routine, he mentioned.
The U.S. Division of Agriculture (USDA) on Friday confirmed 129,000 tonnes of U.S. soybeans bought to China and 150,000 tonnes of corn bought to Colombia.
Worries about decreased demand from biofuel producers additionally hung over corn and soybean costs.
The U.S. Environmental Safety Company has advisable retroactively decreasing biofuel mixing mandates for 2020, two sources acquainted with the matter mentioned, after the company on Thursday despatched a proposal on the mandates to the White Home for evaluation.
Chicago Board of Commerce November soybeans SX1 fell 11-1/four cents to $13.15 a bushel by 11:17 a.m. CDT (1617 GMT). December corn futures CZ1 have been down 1-1/four cents at $5.49-1/2 a bushel.
CBOT December wheat WZ1 fell 5 cents to $7.34-1/four a bushel, with losses tempered by considerations about tightening world provides amid decreased harvests in Russia and elsewhere.
Russian agriculture consultancy Sovecon lower its wheat export forecast to the bottom in 5 years, due partly to a smaller crop.
(Reporting by Karl Plume in Chicago Extra reporting by Sybille de La Hamaide in Paris and Colin Packham in Canberra Enhancing by Amy Caren Daniel and Matthew Lewis)
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