Chicago Close: Soybeans Fall on Crude Weakness 

Soybean futures suffered steep losses on Wednesday while wheat largely stabilized, and corn ended mixed. 

Soybeans fell to their lowest in about a month, pressured by weakness in the crude oil and longer-term weather forecasts which look less threatening than they did late last week when hot, dry conditions were expected for the American Midwest through the end of June and into early July. Crude oil was down as much as US$8/barrel earlier today, hitting a six-week low. July beans were down 28 ¼ cents at $16.52 ¾ and November lost 34 cents to $14.76 ½. 

New-crop corn was pressured by the improving weather forecast into July, typically the most important month for the crop in terms of setting yield potential. Reports suggested gains in the old-crop months were due to short covering. July corn was up 7 ¼ cents at $7.68 and December was down 7 ¾ cents at $6.93 ¾. 

Wheat bounced back after near limit losses a day earlier in the wake of short covering. Renewed Russian strikes on Ukraine grain facilities at the port city of Mykolaiv also supported wheat. Bunge said its grain facility in the city was hit during the attack and Viterra reported its port terminal was on fire. July Chicago wheat gained 1 ¼ cents to $9.76 ½, July Kansas City was down 2 cents at $10.39 ¼ and July Minneapolis closed 11 ¾ cents lower at $11.06. 

Source: DePutter Publishing Ltd.

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