Soybean futures slide on weather outlook in South America By Reuters

Por Mark Weinraub

CHICAGO, US, Dec 7 (Reuters) – US futures fell 1.2% on Tuesday, pressured by weather forecasts that eased concerns about drought in growing areas in Brazil and South America, traders said. .

Futures of the and the were also down, but the falls were kept under control. Traders said a stock market rally and easing concerns about the spread of the omicron variant of the coronavirus were supportive, but the strength of the dollar added pressure.

* “The beans are caught in a kind of tug of war,” said Jim Gerlach, president of brokerage AC Trading. “We are stuck in definite ranges at the moment. It will take something big to break out of these ranges.”

* Grain markets were also on the lookout for the outcome of a call between US President Joe Biden and his Russian counterpart Vladimir Putin as an indicator of tension over Ukraine, which, like Russia, is a major grain exporter across the Black Sea.

* At 1637 GMT, March Chicago Corn futures fell 3 cents to $ 5.8050 a bushel, while March wheat lost 3.75 cents to $ 8.0250 a bushel.

* Soybeans for January were down 16 cents at $ 12.4550 a bushel.

* Traders were also on the lookout to see if the US Department of Agriculture adjusted its outlook for demand for Chinese imports in its monthly estimates of global supply and demand due out Thursday.

(Additional reporting by Gus Trompiz in Paris and Colin Packham in Canberra; Edited in Spanish by Manuel Farías)

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