Soybeans Tumble on U.S. Supplies as Corn Reaches Three-Year Low
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Soybeans reached a six-week low in Chicago after government reports showed improving prospects for U.S. yields and bigger-than-expected inventories. Corn fell to the lowest since 2010, while wheat rose.
Fifty-three percent of soybeans were in good or excellent condition as of Sept. 29, up from 50 percent a week earlier, the U.S. Department of Agriculture said yesterday. Harvesting is about 11 percent complete. Domestic inventories totaled 141 million bushels on Sept. 1, more than the 125 million bushels projected on Sept. 12, the USDA said in a separate report yesterday.