Soybeans Cap Longest Weekly Losing Stretch Since 2006
- Futures at lowest since December 2020 on ample supply outlook
- US export demand hurt by strong competition from Brazil
Soybeans harvested on a farm near Brasilia.
Photographer: Andressa Anholete/BloombergThis article is for subscribers only.
Soybeans capped an eighth straight week of losses, the longest stretch of declines since 2006, on an outlook for record global stockpiles and sluggish appetite for US exports.
The losing streak underscores how soybean traders have lacked any incentive to buy futures of the commodity used in everything from animal feed to truck diesel. Most-active futures settled at the lowest level since December 2020 on the Chicago Board of Trade.