Soybean futures suffered double-digit losses on Wednesday amid beneficial rainfall in Argentina. Wheat was also lower while corn managed a mixed close.
Reports today said overnight rainfall in Argentina outperformed forecasts, with the southeastern production regions getting the biggest boost. In fact, combined rainfall from Monday and Tuesday in some areas was the most since December, according to World Weather Inc. However, World Weather also warned that still more moisture will be needed with the Argentine growing season now only about half finished. Worries about US-China trade tension added to the downside. March beans fell 18 cents to $10.57, and November was down 11 cents at $10.62 ½.
The Argentina rain also pressured corn, along with March contract liquidation. March corn eased 1 ¼ cents to $4.93 ¼, but December was up a ½ cent at $4.68 ½.
Wheat was undermined by selling in the spring grains and March contract liquidation, said Marex. March Chicago wheat fell 4 ¾ cents to $5.72 ¼, March Kansas City dropped 3 cents to $5.91 ¾, and March Minneapolis was down 3 ¼ cents at $6.18 ½.
