CBOT: Improving Weather Weighs on Soybean and Corn Futures

Soybean futures at the Chicago Board of Trade (CBOT) declined on Wednesday due to improving Midwestern weather forecasts, which are expected to bring rain and moderate temperatures over the next week.

This easing of hot temperature concerns led traders to remove some risk premiums from the market. Soybeans are in their pod setting stage of development and will benefit significantly from the precipitation.

Corn futures also felt pressure from the weather outlook, but gains in crude oil provided some support, tempering the declines. The weekly U.S. data showed ethanol production increasing by 39,000 barrels per day to a total of 1.133 million barrels per day, the second-largest on record.