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Soybeans and grains fell in early morning trading amid technical selling and calls for rain in some extended weather forecasts, according to information released by agriculture.com. Investors who were long the market, or who bet on higher prices, likely sold contracts and liquidated positions despite extremely dry weather and concerns about U.S. crops.
Prices earlier this month rose to multi-week or multi-month highs until about a week ago when the sell-off began. Precipitation is expected in parts of the central Midwest and Southwest today through Saturday, which will help reduce the area of stress, the Commodity Weather Group said in a report.
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The central and southern areas of the Corn Belt look a little wetter next week, the forecaster said. High temperatures will affect beans and corn in the Delta, but rain forecast over the next six to 10 days will likely help harvests, the CWG said. Soybean futures for November delivery fell 19 3/4¢ to US$ 12.74 ½ a bushel overnight on the Chicago Board of Trade. Soybean meal rose US$ 7.10 to US$ 378.30 a short ton, while soybean oil rose 0.29¢ to 56.83¢ a pound.
Corn futures for December delivery fell 10 cents to US$ 5.51 a bushel. Wheat for September delivery lost 8 1/4¢ to US$ 6.90 ¾ a bushel, while Kansas City futures fell 10¢ to US$ 8.29 ½ a bushel.
The information was released by agriculture.com.
Source: Leonardo Gottems | agrolink
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