Investing.com – Soybean futures were down on Thursday, extending the previous day’s sharp decline as favorable weather in the U.S. eased concerns over tightening supplies, while a broadly stronger U.S. dollar also weighed.
On the Chicago Mercantile Exchange, soybean futures for July delivery traded at USD13.2350 a bushel during European morning trade, slumping 0.51%.
It earlier fell to a daily low of USD13.2225 a bushel, just above Wednesday’s five-week low of USD13.2025.
The U.S. National Weather Service said on Wednesday that it now saw moderating temperatures in the U.S. Midwest during the next ten days, boosting expectations that crop conditions would continue to improve.
Weather forecasts had previously called for extremely warmer-than-normal temperatures during that period.
The U.S. Department of Agriculture said in its weekly crop progress report earlier in the week that approximately 94% of U.S. soybean crops were planted as of June 19, up from 87% in the previous week.
Nearly 82% of the crop had emerged as of last week, up from 64% in the preceding week. Almost 95% of top-grower Iowa’s soybeans crop have emerged, while in Illinois, the second-largest soybean growing state, 91% of the crop emerged, compared to the five-year average of 81%.
The U.S. is both the world’s largest soybean producing nation and the world’s largest exporter of the grain.
Meanwhile, the U.S. dollar was broadly stronger after the Federal Reserve cut its outlook for U.S. economic growth and gave no indications of further monetary stimulus, dampening demand for riskier assets.
The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was up 0.61% to trade at 75.75.
A stronger dollar reduces the appeal of U.S. crops to overseas buyers and makes commodities less attractive as an alternative investment.
Elsewhere, corn for July delivery tumbled 1.7% to trade at USD6.6588 a bushel, while wheat for July delivery fell 0.71% to trade at USD6.3350 a bushel during European morning trade.
On the Chicago Mercantile Exchange, soybean futures for July delivery traded at USD13.2350 a bushel during European morning trade, slumping 0.51%.
It earlier fell to a daily low of USD13.2225 a bushel, just above Wednesday’s five-week low of USD13.2025.
The U.S. National Weather Service said on Wednesday that it now saw moderating temperatures in the U.S. Midwest during the next ten days, boosting expectations that crop conditions would continue to improve.
Weather forecasts had previously called for extremely warmer-than-normal temperatures during that period.
The U.S. Department of Agriculture said in its weekly crop progress report earlier in the week that approximately 94% of U.S. soybean crops were planted as of June 19, up from 87% in the previous week.
Nearly 82% of the crop had emerged as of last week, up from 64% in the preceding week. Almost 95% of top-grower Iowa’s soybeans crop have emerged, while in Illinois, the second-largest soybean growing state, 91% of the crop emerged, compared to the five-year average of 81%.
The U.S. is both the world’s largest soybean producing nation and the world’s largest exporter of the grain.
Meanwhile, the U.S. dollar was broadly stronger after the Federal Reserve cut its outlook for U.S. economic growth and gave no indications of further monetary stimulus, dampening demand for riskier assets.
The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was up 0.61% to trade at 75.75.
A stronger dollar reduces the appeal of U.S. crops to overseas buyers and makes commodities less attractive as an alternative investment.
Elsewhere, corn for July delivery tumbled 1.7% to trade at USD6.6588 a bushel, while wheat for July delivery fell 0.71% to trade at USD6.3350 a bushel during European morning trade.