Futures prices for soybeans as well as bean oil and meal slumped Friday on the Chicago Board of Trade, partly on the perception that the growing areas in Brazil would be getting more rain. Grain prices also were lower.
Analysts said the soybean complex was pressured by a combination of factors. In addition to the weather in drought-striken Brazil, they said sharply lower foreign currency prices and a higher-than-expected report on soybean oil stocks sent the bean complex lower.
"But Brazil is still the critical factor here," said Richard Loewy, an analyst in New York with Prudential-Bache Securities.
Initially the forecast was for rain today in the main soybean producing areas in Brazil, but then came reports of rain Friday, Loewy said.
Most cattle and hog prices were lower on the Chicago Mercantile Exchange.
"It was a disaster," said Philip Stanley, and analyst in Chicago with Thompson McKinnon Securities.
Cattle prices slumped "on the assumption that supplies in late January and February are going to be burdensome," he said.