Chicago Close: Soybeans Tumble Again 

Soybean futures fell hard for the second consecutive day on Tuesday, with corn and wheat also lower on the day. 

Improving weather forecasts calling for wetter and cooler temperatures for parts of the Corn Belt were an undermining factor. Uncertainty about China’s economy and export demand from the country added to the downside. China’s central bank unexpectedly lowered interest rates Monday in the wake of slowing economic activity, also raising concerns about the broader global economy. September beans lost 39-3/4 cents to 14.54 1/4, and November dropped 31-1/4 cents to 13.81. 

The weather also weighed on corn, with additional pressure coming from declining ethanol margins as oil prices continue to fall. Rain has moved through some of the driest areas in the central and western Corn Belt, but more is still needed. September corn closed down 15 ¾ cents at $6.11 and December dropped 18 cents to $6.10 ¼. 

Spillover weakness from corn and soybeans helped to send wheat lower. Ukraine export shipments also continue to pressure the market. September Chicago wheat was down 14 ¾ cents at $7.86, September Kansas City fell 11 cents to $8.71 ¾ and September Minneapolis dropped 8 cents to $9.02 ¾. 

Source: DePutter Publishing Ltd.

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