Soybeans Fall to One-Week Lows on Beneficial U.S. WeatherLydia Mulvany
Soybean futures fell to a one-week low on speculation that dry weather will help accelerate the harvest in the U.S., the world’s top producer. Wheat dropped for the second straight session, while corn was little changed.
Mostly dry conditions were forecast in the Midwest over the next 10 days Bethesda, Maryland-based Commodity Weather Group said in a report. A Bloomberg survey of analysts showed the soybean harvest 55 percent complete, up from 40 percent last week. The U.S. Department of Agriculture has said the harvest this year will jump 17 percent to an all-time high.
“It sounds like we had an active harvest over the weekend, and we’re going to have good harvest weather in front of us,” Larry Glenn, an analyst at Frontier Ag in Quinter, Kansas, said in a telephone interview.
Soybean futures for November delivery dropped 0.8 percent to close at $9.4425 a bushel on the Chicago Board of Trade. Earlier, the price touched $9.36, the lowest since Oct. 13. The oilseed dropped 27 percent this year.
Wheat futures for December delivery declined 0.5 percent to $5.135 a bushel. On Oct. 17, the price fell 0.2 percent.
Futures slumped 15 percent this year. The U.S. is the top exporter.
Corn futures for December delivery rose 0.1 percent to $3.4825 a bushel, after touching $3.42, the lowest for a most-active contract since Oct. 13.
The grain posted increases in the previous three weeks, the longest rally since April, as rain delayed harvesting.
An estimated 34 percent of the corn crop was collected as of yesterday, according to the Bloomberg News survey, up from 24 percent last week. Today, the USDA will issue an update on the harvest progress.
Corn slumped 17 percent in 2014. Domestic output this season will rise 3.9 percent to a record from a year earlier, the USDA estimates.