U.S. soybean futures stabilized on Thursday

Soybean futures steadied on Thursday after two days of declines as traders monitored forecasts for favorable rainfall in dry regions of South America. Wheat futures rose slightly, while corn prices were little changed. Rains this week are expected to benefit most of Argentina's corn and soybean crops, with much-needed showers expected to hit the northern third of Brazil's crop area late next week, forecaster Commodity Weather Group said. Traders are waiting to see if there will be rain as Brazil's soybean production estimates have already been lowered by heat and drought in northern and central regions. “We're pretty much on hold right now,” said Rich Nelson, Allendale's chief strategist, according to Reuters. The most active soybean contract on the Chicago Board of Trade (CBOT) rose 3-1/4 cents to $13.10-3. /4 bushels as of 1700 GMT. CBOT wheat was 4-3/4 cents higher at $6.10 a bushel and corn was 1/4 cent higher at $4.79-3/4 a bushel. Traders are also awaiting the monthly report ...