Soybeans Drop as Improving Brazilian Outlook Eases Supply Woes
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Soybeans declined for a second day as rains improved the production outlook for Brazil, poised to be the largest shipper this year. Corn and wheat also fell.
Rains this week in central western, southeastern and southern regions in Brazil will maintain good soil moisture levels, boosting crop development, Somar Meteorologia said in a report yesterday. Some growing areas have been affected by dry weather this season, the forecaster said. The U.S. Department of Agriculture expects Brazil to produce 81 million metric tons of soybeans in the 2012-2013 season, surpassing the U.S. as the world’s largest grower and exporter.