Soybeans Drop After Rally Spurs Farmer Sales; Wheat Declines
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Soybeans fell the most in three weeks as the highest prices this year prompted U.S. farmers to boost sales and processors offered smaller premiums for deliveries. Wheat futures also slid while corn rose.
Processors in Mankato, Minnesota, cut the premium to 6 cents a bushel over July futures yesterday, down from 80 cents a week earlier, according to data compiled by Bloomberg. Export terminals near New Orleans cut premiums to 86 cents over Chicago futures for July delivery today, down from $1.48 a week earlier, according to the U.S. Department of Agriculture. Prices surged as much as 11 percent since the end of April, reaching a six-month high yesterday.