Reuters writer Naveen Thukral reported yesterday that, “Chicago soybean futures were on Friday set for their biggest weekly decline since June 2014 as near-perfect U.S. weather boosted the prospects of a bumper crop.
“Corn is poised for a third week of decline as the U.S. crop thrives in friendly weather in its crucial pollination phase, while wheat is on track to suffer its fifth week of losses.
“Chicago soybean futures have lost nearly 10 percent this week, their biggest weekly fall since June 2014 as rains aid the U.S. crop and fears of dry La Nina weather pattern ease.”
The Reuters article explained that, “Corn has lost 4.5 percent this week, falling for a third consecutive week, while wheat is down more than 1 percent in its fifth week of losses.
“Corn has given up close to 20 percent in three weeks and wheat has shed more than 14 percent in five weeks.
“The U.S. corn crop is getting a boost from rains and ideal weather in its pollination phase.”
