Aug. 19 (Bloomberg) -- Soybean futures fell in Chicago as a crop tour signaled larger yields in U.S. Midwest growing areas and rains this week are expected to boost the harvest. Corn and wheat rose.
Analysts traveling on the Pro Farmer Midwest Crop Tour this week counted higher numbers of soybean pods in Ohio, Indiana and South Dakota than last year, according to samples from the first two days of a seven-state review. Northern and eastern parts of the Midwest may see as much as 3 inches (7.6 centimeters) of rain in the next seven days, with smaller amounts in central areas, National Weather Service data show. The U.S. is the largest grower of corn and soybeans.
“We’ve just got a bin-buster, it looks like,” Doug Etheridge, a senior vice president at RBC Wealth Management USA in Charlotte, North Carolina, said in a telephone interview. “It’s going to be a big crop, but it’s all going to be dependent on the weather.”
Soybean futures for delivery in November declined 0.5 percent to close at $10.5275 a bushel at 1:15 p.m. on the Chicago Board of Trade. U.S. output may rise to an all-time high of 3.816 billion bushels, the U.S. Department of Agriculture estimates. Prices have dropped in three of the past four weeks.
Corn futures for December delivery rose 0.2 percent to $3.7225, erasing earlier losses. Yields in Ohio and Indiana are estimated to surpass last year, while those in South Dakota and Nebraska may be lower, reports from the crop tour show.
Wheat futures for December delivery gained 0.8 percent to $5.585 a bushel, posting the third gain in four sessions. Prices rose as high as $5.655 after the Ukrainian government said its forces took control of a district in a pro-Russian separatist stronghold and are fighting in the city center. The two countries will account for about a fifth of global exports this year, the USDA estimates.
--With assistance from Whitney McFerron in London and Phoebe Sedgman in Melbourne.