Soybeans Prices Lower
Steady rains in the parched soybean production regions of Brazil coupled with a strong U.S. dollar drove soybean futures prices sharply lower Monday on the Chicago Board of Trade.
“We did see some rainfall in southern Brazil that was heavier and more widespread than was expected,” said Bob Lekberg, an analyst with Shearson Lehman Bros. Inc. in Chicago. He said the long-awaited showers should forestall any further deterioration in the crop.
Lekberg said the bean prices were also dragged down by some technically inspired selling along with sinking soybean meal prices now nearing lows established 10 years ago.
The surging value of the U.S. dollar will continue to hurt soybean sales overseas, he added.
Amid talk that the weekend’s cold snap damaged the wheat crop, prices for that commodity moved ahead, Lekberg said. Corn continued to trade in a narrow price range on the absence of any substantive news.
Gold and silver prices opened lower but attempted to rally on the Commodity Exchange in New York, said William O’Neill, director of research for Rudolf Wolff Commodities in New York.
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