Soybeans Slump to Lowest Since 2010 on Record U.S. Crop
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Soybeans slumped to the lowest since 2010 on expectations farmers will harvest a record crop in the U.S., the world’s biggest grower. Corn and wheat also fell.
Soybeans have tumbled 20 percent this year on signs that the record 3.816 billion-bushel U.S. harvest predicted by the Department of Agriculture will boost global inventories to an all-time high. U.S. corn output will be 14.032 billion bushels, the most ever, the USDA estimates. Parts of the Midwest received five times the normal rain in the past week, aiding plants filling kernels with sugars and starch and beans with oil and protein.