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Business

May 20, 2017

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Soybean down

Soybean down

SINGAPORE: Chicago soybeans on Friday were on track for their biggest weekly decline since late March, with a steep fall in Brazil´s currency encouraging farmers there to boost sales of this year´s record crop.

Corn faced a weekly decline after closing almost unchanged last week, although losses were limited by concerns over excessive moisture in parts of the U.S. Midwest. The Chicago Board of Trade most-active soybean contract has given up 1.4 percent this week, the biggest weekly decline since the end of March.

Corn is down almost 1 percent, the first weekly slide in a month, and wheat has lost about 1 percent, taking two-week losses to about 3.2 percent. On Friday, all three markets were trading around half a percent higher.  "The Brazilian real´s fall precipitated the fall (in prices) as it directly cuts the competitiveness of U.S. soybeans against those from Brazil," said Tobin Gorey, director of agricultural strategy at Commonwealth Bank of Australia.

 

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