Soybeans dropped for a fourth day as rising supplies from the harvest in Brazil, poised to be the world’s largest grower and exporter this year, boost shipments.
The oilseed for May delivery slipped as much as 0.5 percent to $14.25 a bushel on the Chicago Board of Trade, before trading at $14.2925 at 12:20 p.m. Singapore time. Futures are up 1.4 percent this year after a 17 percent advance in 2012.
About 7.36 million metric tons of soybeans and grains are scheduled for shipment on vessels berthed, arrived, or expected at Brazil’s major ports as of Feb. 26, researcher SA Commodities data show. About 28 percent of the nation’s crop has been harvested, researcher Celeres said in a report Feb. 25.
The decline “has got to do with the Brazilian harvest coming in,” Joyce Liu, an analyst at Phillip Futures Pte, wrote in an e-mail in response to Bloomberg queries.
Corn for May delivery traded little changed at $6.945 a bushel. That puts the price of soybeans at 2.05 times the cost of corn, compared with a 10-year average of 2.43 times. Both crops compete for acreage.
Wheat for May delivery gained as much as 0.4 percent to $7.14 a bushel after slumping yesterday to as low as $6.9775, the cheapest price for the most active contract since June 25. It last traded at $7.1275.
In the cash market, hard red winter wheat in Kansas City was 38 cents a bushel below corn yesterday, the cheapest since May 16, according to U.S. Department of Agriculture data compiled by Bloomberg. Wheat traded at a discount to corn for a fourth day, compared with an average premium of $1.57 in the past decade, USDA data show. The two grains can be used interchangeably in animal feed rations.
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