Chicago soybean futures fell on Thursday, pressured by forecasts of more rain in South America, which could ease parched crops in Argentina.
Corn and wheat traded just below parity, holding back some of the previous day’s gains, as extreme winter weather threatens winter wheat crops in the US Plains and Midwest.
The most active soybean contract on the Chicago Stock Exchange was down 10.25 cents at $14.7425 a bushel.
Corn traded 1/4 cent lower at $6.62 a bushel, while wheat was down 3.25 cents at $7.6450 a bushel.
Brazil, the world’s largest exporter of soybeans, is suffering much less from the dry weather, and is expected to start harvesting soybeans in late January next year, limiting gains in US futures.
Wheat traders are watching for forecasts of well-below-freezing temperatures over the next few days across the Midwest.
This could seriously threaten winter crops not insulated by snow cover.
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