July 22 (Xinhua) -- Chicago Board of Trade (CBOT) soybean futures tumbled on Friday, as U.S. crop prospects improved amid forecasts for largely favorable weather across the Farm Belt in August.

Wheat and corn futures firmed, recovering from early weakness, as investment funds unwound bearish bets ahead of the weekend. Support for corn was noted after prices touched their lowest since October 2014, while wheat turned around when it neared 10-year lows hit earlier this month.

The most active corn contract for December delivery ended up 1 cent, or 0.29 percent, to 3.4175 dollars per bushel. September wheat delivery rose 7.5 cents, or 1.8 percent, to 4.2525 dollars per bushel. November soybean fell 24.25 cents, or 2.4 percent, to 9.8825 dollars per bushel.

Although oppressive heat has blanketed U.S. crop-growing regions this week, worries over adverse conditions in August, the most critical month for soybean development have eased, thanks to expected cooler temperatures and scattered showers in coming weeks.

Commodity fund managers for much of the week were liquidating bets that soybean prices would rise, analysts said, as speculation mounted that strong crop ratings and improving weather would result in better-than-expected yields and a bumper fall harvest. Fund managers have also recently bailed out of bullish wagers on corn.

"For corn, (adverse) weather concerns for the U.S. crop have failed to materialise. A lot of speculative length has been unwound," said Brett Cooper, senior manager for markets at FCStone Australia.

Source:
courtesy of XINHUA NEWS AGENCY

by Xinhua News Agency

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