By Joanna Levin
BETTER crop conditions in the US have slowed the rally in soyabean prices.
Prices had climbed last week on the back of forecasts for warmer, drier weather which could hurt the bean crop at this point in the season.
But forecasts this week predicted lower than expected temperatures in the Mid-West, and Iowa and Illinois have enjoyed more rain over recent days.
The Chicago September futures contract closed on yesterday (Wednesday) at 547.25¢/bushel, up 5.5¢ on the day and little changed from a week earlier.
The season is well advanced thanks to favourable weather. Farmers report that their soyabean crops are in good shape, with 23% rated fair, 48% good and 18% excellent.
More than 68% of crops are setting pods, well up on the last years 59% and well ahead of the 50% five-year average.