Soybean futures headed for a third monthly loss, dropping for a second session on Wednesday in Chicago on expectations of improved weather in the U.S. grain belt. On Tuesday, futures were up to the highest in more than a week at $11.165 a bushel before closing 1.2 percent lower, reports Bloomberg.
As forecasts for rain in the U.S. Midwest next week eased worries that dry weather could negatively impact harvest prospects for both crops, corn and soybean futures fell.
Paul Deane, the senior agricultural economist at ANZ Bank in Melbourne said, "Corn and soybeans are under pressure as the short-term rainfall outlook has improved for early next week. Wheat prices are also struggling with upward revisions to both the size and the quality of the Black Sea crop with early harvest yields and protein higher than last year," according to Reuters.
Chicago Board of Trade November soybeans was down 0.4 percent to $10.91 a bushel by 0257 GMT, reports Reuters.
The oilseed dropped 6.2 percent in July on the outlook for a record U.S. crop. A third consecutive month of losses would be the longest run of declines since April 2013.
Soybean crops were in the best shape for this time of year since 1994, rated 71 percent in top condition.
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