Soybeans Slump to Lowest Price Since 2010 on U.S. Harvest
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Soybeans extended a slide to the lowest price since September 2010 in Chicago on expectations that farmers will harvest a record crop in the U.S., the world’s biggest producer. Corn and wheat also declined.
Seventy percent of soybeans in the main growing areas were in good or excellent condition as of Aug. 24, the highest for this time of year since 1992, the U.S. Department of Agriculture said yesterday. The harvest may reach 3.816 billion bushels, boosting global inventories 28 percent to a record, the USDA estimates. As much as five times the normal rainfall in the past week has eased soil-moisture deficits in the Midwest, government data show.