Midwest Weather Forecast Weighs on Soybeans and Corn Futures

Soybean futures at the Chicago Board of Trade were weaker on Wednesday due to improved Midwestern weather forecasts calling for rain and moderate temperatures over the next week.

The weather eased concerns over hot temperatures that had boosted values, causing traders to take risk premiums out of the market. Soybeans are in their pod setting stage of development and will benefit from the precipitation.

Gains in crude oil provided some support, tempering the declines in soybean futures. Corn futures were also pressured by the weather outlook.