CHICAGO- Chicago grain and soybean futures declined on Friday as the prospect of rain in drought-stricken Brazil eased crop concerns, while traders exited long positions heading into a shortened Thanksgiving trading week.
Soybeans, corn and wheat all dipped more than 1 percent.
The most-active soybean contract on the Chicago Board of Trade (CBOT) fell 17-1/4 cents to $13.43 a bushel and set a session low of $13.39-1/2, the lowest price this week.
Soybean prices increased after nearing a two-year low in mid-October amid Chinese demand and concerns about hot, dry weather hurting crops in northern and central Brazil.
Price-pressuring forecasts for Brazilian rains have now eased concerns over how the weather in key planting areas could hurt production in the top exporting nation. Futures prices pulled back after reaching an August high on Wednesday.
“It’s all based on the prospect of rain,” said Dan Basse, president of Chicago-based consultancy AgResource, noting there is rain in the forecast from Sunday to Tuesday.
“There’s profit taking. A lot of traders are averting risk.” -Reuters
