Soybeans Slide for Seventh Session on Harvest Prospects
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Soybeans fell for a seventh session in Chicago on signs that U.S. crops remain in good condition, boosting prospects for a record harvest. Corn rebounded from the lowest level since 2010.
Seventy-two percent of soybeans were in good or excellent condition as of July 6, the best shape for this time of year since 1994, U.S. Department of Agriculture data show. Soybean and corn prices tumbled in recent weeks as U.S. growing areas received ample rain and a government report showed stockpiles on June 1 were larger than expected. The USDA is scheduled to update its supply and demand forecasts on July 11 and may peg both crops at records, a Bloomberg News survey showed.