Commodities : Soybean Futures Retreat

Soybean futures prices retreated again Thursday as prospects increased for rainy weather in the Midwest.

Grain futures also were lower on the Chicago Board of Trade, but soybeans declined as much as 13 cents a bushel and the November bean contract has now lost 33 cents in two weeks.

Traders said heavy selling of soybean futures triggered sell-stops, magnifying the losses. Lower foreign currency values also undermined the grains and beans.

“There was supposed to be a hot front coming (through the Midwest) but now they’re looking for increased chances of precipitation,” said Joel Karlin, research analyst for Research Department Inc.

The National Weather Service’s six- to 10-day forecast projects hot and dry conditions in much of the eastern soybean belt, but this was overshadowed in the market by private forecasters calling for more rain into next week, Karlin said.