World Agrinews

Wheat fell for a fourth straight session on speculation that a three-week rally in prices this month will curb demand, offsetting bets that a weaker dollar will boost the appeal of U.S. grain.

Soybeans rose to a three-month high on signs that demand is increasing in China, the world’s biggest importer. Export sales by the U.S., the world’s largest grower and shipper, rose 6.1 percent to 1.35 million metric tons in the week ended Nov. 12, including more than 724,700 tons to China, U.S. Department of Agriculture data show. Sales in the first two weeks of November were twice the October weekly average.

U.S. producers are expected to reduce plantings of the variety of wheat used to make pastries and snack foods by 18% to 20% from last year due to weather delays and weak cash prices. Last year, producers planted about 8.3 million acres of the variety, soft red winter wheat, which is grown in the central third of the country. Total winter wheat seedings last year were about 43.3 million acres. This year, wet weather that has slowed the U.S. corn and soy harvests has delayed SRW wheat planting. Many producers seed SRW wheat after soybeans in the Midwest and South but could not plant wheat until the soybeans were harvested and the ground dried up.

Concern about fungal disease in corn has rippled through both the corn and soymeal futures markets late this week, but on the ground those ripples might not extend beyond parts of the northeast corn belt.