Soybean futures closed lower on Monday after weather forecasters said the rains in Argentina that have kept growers from finishing their planting will subside.
Drier weather in central parts of Argentina are expected this week, which will “allow wetness there to ease further,” said Donald Keeney, a senior ag meteorologist at MDA Information Services. Eastern parts of the South American country will get rain, which will improve soil moisture in the area, Keeney said.
The price declines in beans and corn come as speculative investors become more bullish.
Money managers pushed bullish bets on hard-red winter wheat to the highest level since June 2014 last week, while lowering bearish bets on corn to the lowest since November. Investors also were the most bullish on soybeans in a month, according to the Commodity Futures Trading Commission.
Soybean futures for March delivery fell 7 1/2¢ to $10.60 a bushel on the Chicago Board of Trade. Soy meal futures lost $4.60 to $344.10 a short ton, and soy oil added 0.02¢ to 35.17¢ a pound.
Corn futures were unchanged at $3.69 3/4 a bushel in Chicago.
Chicago wheat futures added 5¢ to $4.33 1/4 a bushel, while Kansas City futures rose 1 1/4¢ to $4.44 1/4 a bushel.
agriculture.com