Soybean Futures Reach Lowest Since 2011 as Corn Declines
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Soybeans fell to the lowest since December 2011 as the outlook for record seedings boosted speculation that supplies will be ample in the U.S., the world’s top grower. Corn dropped to a five-month low.
About 84.8 million acres will be sown with soybeans, the most ever and up 11 percent from last year, the U.S. Department of Agriculture said yesterday. Stockpiles tracked by the USDA as of June 1 were 405 million bushels, larger than the 382 million forecast by analysts surveyed by Bloomberg. Corn inventories were also bigger than expected.