Soybeans Drop as Bumper U.S. Harvest Nears Completion; Corn SagsMegan Durisin
Soybean futures fell for the first time in three sessions as farmers completed a bumper harvest in the U.S., the world’s top producer. Corn declined.
About 97 percent of the U.S. crop was reaped as of yesterday, up from 94 percent last week, according to the average estimate of analysts surveyed by Bloomberg News. Showers will aid plants in the next seven to 10 days in parts of Brazil, the second-biggest grower, DTN said in a report.
“We’ve reached the post-harvest time” in the U.S., Jim Gerlach, the president of A/C Trading Co. in Fowler, Indiana, said in a telephone interview. “It looks like the pipelines are getting refilled. Everything’s going good in South America. The path of least resistance is lower” for prices, he said.
Soybean futures for January delivery dropped 0.5 percent to close at $10.3375 a bushel at 1:15 p.m. on the Chicago Board of Trade. The price climbed 3.4 percent in the previous two sessions, partly as a rally in global equities spurred economic optimism, bolstering prospects for commodity demand.
The U.S. Department of Agriculture in Washington will issue a crop-progress update at 4 p.m.
Corn futures for March delivery fell 1.3 percent to $3.8025 a bushel, the largest drop since Nov. 19. The harvest was probably 94 percent complete, up from 89 percent, according to the Bloomberg survey.
U.S. farmers this year are forecast by the government to collect 3.958 billion bushels of soybeans and 14.407 billion of corn, both record highs.
Wheat futures for March delivery slid 0.7 percent to $5.495 a bushel.