Corn fell for the first time in two weeks on speculation that investors are liquidating positions after the July contract fell through key technical levels.
Soybean futures jumped the most in four weeks and corn advanced on speculation that too much rain will reduce crop yields in the U.S., the world’s biggest grain and oilseed producer. Wheat climbed.
Iowa farmer Julius Schaaf isn’t waiting for his corn to grow kernels before he sells this year. As last season’s record harvest spurs bulging inventories, he’s playing it safe, even as most growers hold onto their grain.
Soybean futures rose for the fourth time in five sessions as China increased imports from the U.S., the world’s biggest shipper. Corn headed for the longest slump in eight weeks.
Soybeans rose to a five-month high on speculation that excessive rain in Brazil, the biggest exporter, damaged crops. Wheat also gained, and corn declined.
Soybeans surged to a 16-month high after U.S. exporters boosted sales to China, the world’s biggest consumer and importer.
Soybean futures rose to a 10-month high after a report showed inventories trailed analyst forecasts for the U.S., the world’s biggest producer. Corn fell from an eight-month high, and wheat dropped.
What follows are opening calls for U.S. grain and oilseed markets, which open at 5 p.m. on the Chicago Board of Trade.
"People's expectations for bigger crops are rising, reducing buyer interest to book large quantities ahead of the record harvests."
- Jerry Gidel on Aug 27, 2014