Soybeans Drop as Supply Concern May Ease in U.S. and Brazil
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Soybeans fell for a third day on speculation that a U.S. government report today will show supplies are more ample than previously estimated. Corn advanced and wheat rose in Paris.
U.S. soybean output may total 2.89 billion bushels, 1.1 percent more than forecast a month ago, signaling yields may have fared better during drought than expected, according to a Bloomberg survey before the U.S. Department of Agriculture updates domestic and world projections later today. Brazil may harvest 83 million metric tons of soybeans this season, more than the 82.8 million tons forecast last month, the Agriculture Ministry’s forecasting agency, known as Conab, said yesterday.