Spencer, IA: (Jan. 21, 2014) – Soybean futures fell sharply Tuesday and to a two week low as rain in parts of Argentina later this week is expected to improve crop prospects.
Rain and cooler temperatures are expected by Thursday. The showers will also boost crop prospects in Brazil, according to traders.
Prices also declined on speculation that exportable soybean supplies will soon be available from Brazil, meaning China will likely cancel purchases from the U.S. in favor of lower-cost South American supplies.
Grains Analyst Larry Glenn said, “Some of those beans we sold to China – they can switch those. It’s that time of year, so it shouldn’t surprise us.”