The futures contracts Soy From USA fell around 1% on Wednesday as traders focused on expanding the harvest of a likely record soybean crop in the Brazil and positioned for the decision of the Federal Reserve on interest rates, analysts said.
The futures contracts wheat ended mixed, with the most active March contract slipping in profit-taking, while corn prices rose towards the end of the session.
Chicago Board of Trade March soybeans fell 17.75 cents to $15.2025 a bushel. March wheat ended down 1.5 cents at $7.5975 a bushel, while March corn ended up 1.25 cents at $6.81.
Soy fell on expectations of an abundant harvest in Brazil, the world’s largest exporter of the oilseed.
StoneX consultancy raised its forecast for the Brazilian soy crop to a record 154.2 million tonnes, up from 153.79 million last month.
Harvesting is underway and about 5% complete despite rain delays in some areas, consultancy AgRural said on Monday.
“Brazil’s harvest continues to accelerate. We (US soybean suppliers) are not competitive,” said Don Roose, president of Iowa-based US Commodities.
Source: Moneytimes
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