Soybeans Post Longest Slump in Seven Weeks; Corn DeclinesJeff Wilson and Whitney McFerron
Soybeans fell, capping the longest slump in seven weeks, on speculation that U.S. planting dropped less than forecast following heavy rains in May and June. Corn declined to the lowest in a month, and wheat rose.
Growers filed crop-insurance claims for 1.69 million acres of soybeans as of Sept. 1, a U.S. Department of Agriculture unit said today. Based on the relationship between claims and planting in the previous two seasons, the latest report implies farmers sowed 226,000 acres less than the 76.378 million that the USDA estimated on Sept. 12, said Anne Frick at Jefferies Bache LLC in New York.
“The claims are below the 500,000 acres to 1 million some people expected to be cut,” Frick, a senior oilseed analyst, said in a telephone interview from New York. “The numbers suggest we are not looking at a big reduction in USDA planted acreage.”
Soybean futures for November delivery fell 0.4 percent to close at $13.425 a bushel at 1:15 p.m. on the Chicago Board of Trade. The price dropped for the third straight session, the longest slump since July 25. Earlier, the oilseed touched $13.32, the lowest for a most-active contract since Aug. 23.
Rain in the the past week, along with more precipitation forecast in the next seven days, may aid some crops still filling pods with beans after six weeks of dry weather, Frick said.
Corn futures for December delivery declined 0.5 percent to $4.54 a bushel. The price fell for the fourth straight session, the longest slump since Aug. 7. Earlier, the grain touched $4.5325, the lowest since Aug. 14.
Wheat futures for December delivery rose 0.3 percent to $6.43 a bushel.
This year, corn has tumbled 35 percent, wheat slumped 17 percent and soybeans dropped 4.8 percent.
Insurance claims made on land intended for corn rose to 3.57 million acres from 3.41 million in a preliminary USDA report last month. Wheat claims increased to 1.98 million acres from 1.744 million.