(Bloomberg) -- Soybean futures fell the most in a month as traders take profits and weather forecast show improving crop weather in the US.
Futures in Chicago slumped as much as 3.2% on Friday, the biggest intraday loss since mid-June. Prices climbed earlier this week, buoyed by concerns over dry, hot weather approaching growing areas of the US.
On Friday, the 11-15 day forecast showed fewer chances of above-normal temperatures in the crop belt and “the rain chances and amounts are much heavier than what we have seen previously,” said Matt Campbell, a risk management consultant at StoneX Financial Inc.
Soyoil futures fell as much as 5.4% on Friday, the most since June 2023.
Related: AG CFTC: Net Bearish Soy Oil Bets Boosted to 3-Week High
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