GRAINS-U.S. corn, soy, wheat fall after new forecast ends rally
(Recasts with closing prices, adds details)
By Mark Weinraub
CHICAGO, July 14 (Reuters) - U.S. soybean futures fell 3.8 percent on Thursday, giving up early gains after new weather forecasts boosted expectations of a robust harvest in the United States.
Corn and wheat futures also closed lower after rallying to `7two-week highs earlier in the session.
The latest outlooks dialed back the amount of time next week the Corn Belt will suffer from scorching temperatures. More rain was also added, which will help protect the crop from the searing heat.
"It is still going to get hot next week but ... the extended pattern is not as intimidating as it was yesterday," said Bill Gentry, a broker at Risk Management Commodities in Lafayette, Indiana.
Chicago Board of Trade November soybeans futures settled down 43 cents at $10.62-1/4.
CBOT December corn futures dropped 5 cents to close at $3.64-3/4 a bushel.
A better-than-expected export report from the U.S. Agriculture Department on Thursday morning limited the sell-off in corn. Continuación...