Soybeans declined, snapping the best run in five months, on speculation that improved prospects for crops in South America will further boost global production. Wheat gained for the first time in eight days.
Soybeans for January delivery lost as much as 0.3 percent to $13.105 a bushel on the Chicago Board of Trade and were at $13.12 by 11:02 a.m. Singapore time. Futures climbed to a six-week high yesterday, advancing for a fifth session for the longest such rally since May 23.
World production may be 4 million to 5 million metric tons larger than previously expected, Oil World said yesterday, without providing a specific forecast. The Hamburg-based researcher pegged the 2013-2014 global harvest at 281.3 million tons on Oct. 22, 5.4 percent larger than a year earlier. The U.S. Department of Agriculture raised its forecast to a record 283.54 million tons on Nov. 8 from 281.66 million tons.
“There will be abundant supply of soybeans, putting pressure on prices,” Vanessa Tan, an analyst at Phillip Futures Pte, said by phone from Singapore today.
Oil World raised its output forecast for Paraguay and said recent rainfall in Argentina means farmers will boost planting.
Wheat for December delivery gained 0.2 percent to $6.4625 a bushel after capping the longest slump since Sept. 5 yesterday. Corn for December delivery rose 0.2 percent to $4.33 a bushel.
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