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Late in the New York trading session, soyabean futures for November were down 2.4% at $13.47 a bushel, the largest decline seen in a week and a half. The price of corn also slid, with the December futures contract dropping 0.4%.
The soyabean crop has been marred in recent weeks by hot, dry weather across the US Midwest which had been feared might lower yields. This led to advances in the price of soyabeans for six weeks in a row, culminating in the US Department of Agriculture (USDA) dropping its forecast by 3% for the soyabean crop last week.
But in just the last few days, large amounts of rain have fallen in the north of the Midwest and weather forecasts now indicate that vital rain will fall across major soya-growing areas in the southwestern Midwest throughout next week and perhaps beyond. Such rains would likely bring a halt to the detrimental conditions and this has weighed on sentiment in the soyabean market today.
Soyabeans is the second-largest crop produced in the US after corn.