Soybeans Drop to One-Week Low as U.S. Harvest May Top Forecast
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Soybeans fell to a one-week low in Chicago on signs the drought-hit crop in the U.S., the world’s largest grower last year, may exceed a government forecast. Wheat rose.
U.S. soybean output may reach 2.739 billion bushels, INTL FCStone Inc. said yesterday, more than the 2.692 billion estimated by the U.S. Department of Agriculture last month. The oilseed has jumped 44 percent in 2012. While most of the Midwest had below-average rain this year, areas of central Illinois, Indiana and Missouri had double the normal amount in the past week, National Weather Service data show.