Brazilian Weather Affects Soybean Futures

Improved Brazilian weather has impacted CBOT soybean futures, leading to a decline for four consecutive sessions. Meanwhile, wheat prices rebounded from a one-month low, while corn stabilized after reaching a contract low. The stabilizing crop yields in South America could prevent buyers from shifting export business to the U.S. from Brazil. The U.S. Department of Agriculture will release grain and soybean export sales data, while traders await the USDA's quarterly supply/demand reports. The weekly production of corn-based ethanol has fallen to a two-year low, with stockpiles reaching their highest levels since April.