U.S. new-crop soybeans rose for the third day on Wednesday on fears hot weather could damage the harvest, despite forecasts saying temperatures could cool slightly.
Fundamentals
* Chicago Board of Trade November soybeans rose 0.16 percent to $12.88-1/4 a bushel, having firmed 1.8 percent on Tuesday.
* December corn climbed 0.29 percent to $5.12-1/4 a bushel, after gaining 1.44 percent the previous session.
* September wheat was little changed at $6.69-3/4 a bushel, having closed flat on Wednesday.
* A weather forecast on Tuesday suggested slightly cooler weather than previously expected. But conditions are still likely to be hot and dry over the next couple of weeks in the U.S. Midwest crop region, stressing pollinating corn and the growing soybean crop.
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As the harvest in southern Alberta presses on, a broker said that is one of the factors pulling feed prices lower in the region. Darcy Haley, vice-president of Ag Value Brokers in Lethbridge, added that lower cattle numbers in feedlots, plentiful amounts of grass for cattle to graze and a lacklustre export market also weighed on feed prices.
* Both crops deteriorated in the latest week, the U.S. Department of Agriculture said on Monday, with most of the declines noted in the western half of the Corn Belt, which has been in need of rain.
* China’s wheat crop has suffered more severely than previously thought from frost in the growing period and rain during the harvest, and import demand to compensate for the damage could see the country eclipse Egypt as the world’s top buyer.
