Soybeans fell from a two-month high after China canceled orders for U.S. supplies and rain boosted the outlook for developing crops in Brazil, the world’s biggest producer and exporter. Corn and wheat also declined.
U.S. winter-wheat seedings rose for a third straight year as high prices during the September- November planting season prompted farmers in the Great Plains to boost acreage. The increase was less than analysts expected.
Wheat futures rose for the first time in three sessions on speculation that U.S. lawmakers will reach an agreement to raise the nation’s debt ceiling before the deadline tomorrow, easing concern that commodity demand will dwindle.
The second major snowstorm in a week for the southern Great Plains is delivering moisture to U.S. wheat crops that went dormant in November in the worst condition since at least 1985 because of a drought.
Wheat yields in Kansas, the biggest U.S. producer of winter varieties, may drop by as much as a third in some counties as hot, dry weather curbs production, boosting prices that yesterday rose the most in six weeks.