The U.S. Department of Agriculture reported that soybean inventories as of Sept. 1 were 141 million bushels, topping estimates by analysts. Futures extended a slump to a five-week low.
On Sept. 12, the agency’s estimate was 125 million bushels (3.4 million metric tons). Last week, 28 analysts surveyed by Bloomberg News projected 127 million, on average. A year earlier, stockpiles were 169 million.
A measure of demand in the three months ended Aug. 31 fell 41 percent to 294 million bushels from 498 million bushels a year earlier, the USDA also said today in a report.
Reserves held on farms were 39.55 million bushels, compared with 38.3 million a year earlier, the agency said. Supplies stored in commercial grain silos fell to 101 million from 131.1 million.
Soybean futures for November delivery fell 2 percent to $12.9325a bushel at 11:17 a.m. on the Chicago Board of Trade. Earlier, the price touched $12.8825, the lowest for a most-active contract since Aug. 23. Trading was 29 percent above the average in the past 100 days for this time, according to data compiled by Bloomberg
Through Sept. 27, the price dropped 6.4 percent this year.
For 2012, the USDA revised production to 3.034 billion bushels from the Sept. 12 estimate of 3.015 billion. Yields were 39.8 bushels an acre, compared with 39.6 bushels, and the estimate for harvested acreage was raised 60,000 acres to 76.2 million acres.
Earlier this month, the agency said this year’s harvest will be 3.149 billion bushels.