CHICAGO, June 15 (Reuters) - U.S. soybean futures fell on
Tuesday on an improved weather outlook for the Midwest crop
belt, analysts said.
The forecasts for cooler and wetter conditions later this
month also pressured new-crop corn futures on the Chicago Board
of Trade (CBOT), although front-month July corn gained against
back months on spreads.
As of 1:07 p.m. CDT (1807 GMT), CBOT July soybeans
were down 7 cents at $14.65-1/4 per bushel, with new-crop
November soybeans down 22-1/4 cents at $13.73.
CBOT July corn was up 6-1/2 cents at $6.65-3/4 a
bushel, while new-crop December corn was down 8-1/4 cents
Meanwhile, CBOT wheat futures fell nearly 2% on seasonal
pressure from the start of the Northern Hemisphere harvest. CBOT
July wheat was down 13 cents at $6.61-1/2 per bushel.
Soybeans set the tone, sagging as traders continued to react
to weather forecasts calling for beneficial rains and cooler
temperatures next week.
"We are seeing follow-through selling from improving
weather. Temperatures were a little bit cooler than was forecast
the previous day," said Terry Reilly, senior analyst with
Expectations that the moisture would bolster crop prospects
helped to overshadow a drop in weekly U.S. crop condition
The U.S. Department of Agriculture late Monday rated 68% of
the U.S. corn crop as good to excellent, down four points from
the previous week, and 62% of the soybean crop as good to
excellent, down five points.
"Even though ratings were down, they are probably going to
be better in a couple weeks because we are supposed to get
rain," said Jack Scoville, analyst with the Price Futures Group.
Additional pressure stemmed from a lower-than-expected
monthly soy crush figure for May from the National Oilseed
NOPA said its members crushed 163.5 million bushels of
soybeans in May, up from 160.3 million in April but below an
average of analyst expectations for 165.1 million bushels.
CBOT wheat fell as the U.S. winter wheat harvest got
rolling, although the harvest was only 4% complete by Sunday,
the USDA said, lagging the five-year average of 15%.
Egypt's state grains buyer, the General Authority for Supply
Commodities, cancelled an international wheat purchasing tender.
The agency did not provide a reason, but traders said high
freight rates may have been a factor.
(Additinoal reporting by Gus Trompiz in Paris and Naveen
Thukral in Singapore; Editing by Shounak Dasgupta, Steve
Orlofsky and Jan Harvey)