Grain, Soybean Futures Drop as Traders Take Profits on Recent Rallies

By Benjamin Parkin Features Dow Jones Newswires

Grain and soybean futures fell as traders booked profits on recent rallies.

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Prices rose this week as traders focused on weather issues, with dry forecasts in the Midwest stressing late maturing soybeans and corn while Hurricane Irma threatened to hit the Carolinas in the coming days.

Some of those concerns eased Thursday, however, prompting traders to lock in profits from those rallies, analysts said. The 11-15 day Midwestern forecast was wetter, said MDA Weather Services. Meanwhile, Irma's threat to U.S. crops was marginal. Analysts said there was little chance it would affect national markets.

Wheat prices led losses. Most active December soft-red winter wheat futures fell 1.9% to $4.37 1/4 a bushel on Thursday at the Chicago Board of Trade.

Meanwhile, with no new private export sale announcements and little else to stimulate further buying, analysts said the path of least resistance for corn prices was to follow wheat lower. CBOT most active December corn futures dropped 1.6% to $3.55 1/4 a bushel.

Soybean futures, meanwhile, traded sideways. CBOT most active November contracts closed 0.2% lower at $9.68 3/4 a bushel.

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Traders showed some buying interest in the oilseed market as early soybean harvest yields in the southern Midwest came in below farmer expectations, said brokerage Allendale in a note.

U.S. Department of Agriculture weekly export sales data are scheduled to be released on Friday, delayed after the long holiday weekend.

Write to Benjamin Parkin at benjamin.parkin@wsj.com

(END) Dow Jones Newswires

September 07, 2017 16:11 ET (20:11 GMT)