Reading Time: 2 minutes Chicago soybean futures turned lower on Tuesday, as weather forecasts called for Brazil's dry crop belts getting some much-needed rainfall in the coming days.
Wheat futures rose on a technical bounce
Good export demand also underpinned soybeans
CBOT long liquidation saw the net long position in soybeans dip
Traders waited to see whether beneficial rains will arrive in dry areas of Brazil
China may buy a couple more cargoes of U.S. soy for next-year delivery: analysts
Corn and wheat futures also traded lower
Wheat and corn futures advance
Wheat futures plummeted; corn pressured by spillover weakness
U.S. government reported sales of 1,120,000 tons of soft red wheat to China this week
The libertarian president-elect has pledged to dollarize the economy, leading to devaluation rumours