Soybeans sink as U.S. weather seen improving, reversing recent rally

seekingalpha07-27

U.S. soybean futures fell by the most in a month on Friday, as traders took profits after prices rallied earlier this week and the latest weather forecasts showed the scorching temperatures expected ...

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Friday's 11-15 day forecast showed fewer chances of above-normal temperatures in the crop belt, and \"the rain chances and amounts are much heavier than what we have seen previously,\" StoneX Financial's Matt Campbell said, according to Bloomberg. \"With the weather change in the forecast to less heat, prices did not have a reason to break through resistance to the upside,\" Naomi Blohm of Total Farm Marketing wrote, as reported by Dow Jones, adding that historically corn futures tend to slide in August, as multiple sources begin reporting estimates from their field surveys. On the Chicago Board of Trade, soybeans (S_1:COM) for November delivery settled -3.1% to $10.46 1/2 per bushel, wheat (W_1:COM) for September delivery finished -2.8% to $5.22 3/4 per bushel, and December corn (C_1:COM) closed -2.6% to $4.10 per bushel. 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