CHICAGO, Oct 30 (Reuters) -
U.S. soybean futures fell about 1% on Monday on profit-taking and pressure from beneficial rains over the last few days in South American crop areas, offsetting a weather premium that had been building for the oilseed crop.
Corn and wheat futures also declined.
As of 12:57 p.m. CDT (1757 GMT), benchmark January soybeans on the Chicago Board of Trade (CBOT) were down 11-1/2 cents at $13.08 per bushel, turning lower after a climb to $13.31-1/4, the contract's highest since Oct. 20.
CBOT December corn was down 1-1/2 cents at $4.79-1/4 a bushel and December wheat fell 9-1/2 cents to $5.66.
Declines in the soy complex set the tone as rains in Brazil and
Argentina
eased worries about global supplies.
"There's no need for concern right now. The rains over the weekend, especially Central Brazil, were pretty good," Daniels Trading commodities broker Craig Turner said.
Soybean planting in Brazil was
40% complete
as of Thursday, agribusiness consultancy AgRural said.
Meanwhile, the U.S. Department of Agriculture reported
export inspections
of U.S. soybeans in the latest week at 1,890,227 metric tons, in line with
trade expectations
for 1,650,000 to 2,500,000 tons. The inspections figure was slightly low, Turner said, but still above the pace needed to meet the USDA's soybean export forecast.
Soymeal futures were taking a hit as brokers took profits after the most-active December contract set a life-of-contract high on Friday at $448.40 per short ton. Near Monday's close, the contract was down $16 at $426.40.
"When you have a big market that runs up like that, you're going have pretty big corrections too," Turner said.
CBOT wheat fell more than 1% as grain shipments from Ukrainian Black Sea ports resumed, easing fears that Ukrainian exports could be stifled further.
The success of
Ukraine's new Black Sea export corridor
has led to a sharp increase in the number of rail wagons heading to the ports of Odesa region, a senior railways official said on Monday. (Reporting by Brendan O'Brien and Julie Ingwersen in Chicago; additional reporting by Peter Hobson in Canberra and Sybille de La Hamaide in Paris; editing by Eileen Soreng, Jason Neely and Richard Chang)
