Soybean backs off 7-month peak

Soybean futures fell on Thursday, to give up a 7-month high that was hit on Wednesday, amid unfavorable weather conditions in the Midwest US states and concerns over its impact on crops supply in the 2020-21 season.

However, expectations over the impact of the storm on the soy crop in the Midwest US states came in tandem with forecasts of heavy rains in the same region, which supports the quality and abundance of crops.

The US Department of Agriculture reported that up to 12.6 thousand tons of US soybean shipments were canceled during the week ending August 13.

Investors at the Chicago Merc are also uncertain about the Chinese demand for US agricultural crops within the first phase of the trade deal signed last January.

Soybean September futures fell 1% to $9.03 a bushel, after hitting a day high of $9.14 and a low of $9.