Soybeans Decline on Advancing Brazilian Harvest; Grains Increase
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Soybeans fell the most in more than two weeks as the harvest accelerates in Brazil, where a record crop is expected. Corn and wheat rose.
Brazilian farmers collected about 48 percent of the harvest as of March 8, up from 46 percent a year earlier, and sold 58 percent of the crop, researcher Safras & Mercado said in a report yesterday. Brazil, expected to overtake the U.S. as the world’s biggest exporter, may produce a record 83.5 million metric tons of soybeans, the U.S. Department of Agriculture said March 8.