Inclement weather in the Midwest of the U.S. is likely to harm harvests as crops are left in vulnerable positions in strong growing region of the nation, according to Bloomberg.
Soybean futures ebbed and flowed on Monday amid concerns that rain and cold weather will damage the legume during the next several weeks. By the end of last month, 11 percent of the harvest of soybeans in the U.S. was done, according to data released by the U.S. Department of Agriculture.
"There is potential risk to the upside for soybean prices," states a report penned by analyst Chris Gadd with the Macquarie Group Ltd., according to Bloomberg. "The market will need to add a level of risk premium to reflect the uncertainty that remains for U.S. production and the delays to plantings being seen in Brazil."
At 9:32 a.m. on Monday, soybean futures fell 0.35 percent, a 0.045-cent loss to $12.905 per bushel.
Reuters reports soybean crops in India also were subject to strong rains, noting the top soybean-producing state of Madhya Pradesh has endured roughly four consecutive days of heavy rainfall.
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