June 19, 2013
Grains: Soybeans slide, corn and wheat rebound
Soybeans fell on Tuesday, extending losses from the previous session when prices recorded their biggest daily drop in a year on signs of better-than-expected yields in the Midwest as well as favorable crop weather in Brazil.
Wheat rose, rebounding from strong losses on Monday which were triggered by the weakness in soybeans. Corn also firmed after falling in the previous session after data showed the US harvest was progressing faster than expected.
Chicago Board Of Trade November soybeans fell 0.27 percent to $16.64-1/2 a bushel, having slipped 4.3 percent, its daily limit, in the previous session.
December wheat rose 0.74 percent to $8.84-1/2 a bushel after falling 5 percent in the previous session, while December corn firmed 0.53 percent to $7.52 a bushel, having closed down 4.4 percent on Monday.
"Both corn and wheat are up, while beans, after opening down, are clawing their way back towards unchanged, so it appears we are seeing some reversals of the very steep declines we saw last night," Luke Mathews, commodities strategist at the Commonwealth Bank of Australia said.
Recent rains in Brazil, world's second-largest exporter of soybeans after the United States, have also weighed on soybeans and encouraged liquidation of long positions held by funds.