Speculation that the pessimistic weather outlook in the U.S. may have been overstated drove down soybean prices for a second consecutive day on Thursday, according to a published report.
Soybeans for November delivery fell to $13.4675 a bushel on the Chicago Board of Trade at 7:57 a.m. on Thursday, a decline of 4 percent, Bloomberg reports. This decline followed a 2.5 percent dip on Wednesday, the news source said.
According to Kona Haque and Chris Gadd, analysts with Macquarie Group Ltd, the outlook for the crop is still considered uncertain due to unpredictable weather patterns, but there are some positive signs for the crop's growth, Bloomberg reports.
"We remain cautious for the outlook for soybean supplies given the variability that weather in the coming weeks can still have on the U.S. crops," Haque and Gadd wrote. "Lots of regions in the U.S. still look in good condition."
According to Reuters, on Wednesday, crop forecaster Lanworth had cut its projections for corn and soybean harvests this year in the U.S. due to particularly high temperatures and dry weather throughout the Midwest. Specifically, Lanworth pointed to the weather patterns in Iowa to support its lowered projections.
"In Iowa, the shift from historically wet conditions during planting and establishment (April-June) to historically dry conditions during yield formation (July-September) is without precedent," the forecaster said in a report, Reuters noted.
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