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As U.S. soybean futures fell below 2-1 / 2 weeks on Wednesday (December 3, 2020), forecasts for most of Brazil's crop yields encouraged long-term liquidity and profit-taking, traders said.
Wheat futures rose, rebounding on bargain buying a day after the benchmark Chicago Board of Trade (CBOT) March contract fell to a two-month low, and corn futures turned up, rallying from early weakness.
CBOT January soybeans settled down 9 cents at $11.53 per bushel after falling to $11.42-1/2, the contract’s lowest since Nov. 13.
CBOT March wheat ended up 11-1/4 cents at $5.88-1/2 a bushel, and March corn finished up 3 cents at $4.23-3/4 a bushel.
Soybeans declined as traders focused on forecasts for improving crop weather in portions of Brazil, the world’s biggest soy exporter.
“The increased rainfall across most of Brazil over the next week will begin to reduce stress on the corn and soybean crops. Follow-up rains will be needed to completely end the dryness,” Kyle Tapley, a meteorologist with space technology company Maxar, wrote in a client note.
Commodity funds hold a large net long position in CBOT soybean futures, leaving the market vulnerable to bouts of long liquidation. So far in 2020, benchmark soybean futures are up about 21%. Find more...
Source: Online/SZK
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