US soy, corn futures decline as frost damage threat eases

US soy and corn futures fell, trimming weekly gains, as the threat of frost damaging crops in the US, the world's biggest grower and exporter of both crops, eases.

According to forecasts by DTN Meteorlogix LLC, crops in the Midwest will continue to benefit from near- to above-normal temperatures in the five-to-seven days from September 17.

Soy for November delivery fell as much as 0.5 percent to US$9.4825 a bushel and last traded little changed at US$9.535 in after-hours trading on the Chicago Board of Trade, trimmings the weekly gain to 5.7 percent.

Corn for December delivery fell 0.6 percent to US$3.255 a bushel, capping the weekly rise to 2.2 percent.

Corn futures ended 9-percent higher on September 15, the biggest closing gain on record, and soy futures soared 5.6 percent on forecasts freezing temperatures next week may damage crops in the Midwest. Wheat also jumped that day, closing 3.6-percent higher.

Still, China's imports of soy may help support prices, as rains delay harvests in the southern US, depleting available supplies, the Commonwealth Bank's Mathews said.

US exporters have sold 17.2 million tonnes of soy overseas as of September 10 for delivery in the marketing year that began September 1, up 89 percent from 9.1 million tonnes a year earlier, the US Department of Agriculture said on Thursday (Sep 17).

China bought a further 121,000 tonnes for delivery in the marketing year that began September 1, according to USDA. Exporters must report sales of 100,000 tonnes or more of one commodity made in one day.

December wheat was little changed at US$4.62 a bushel, set for a 0.9 percent weekly loss, the third straight decline.