Commodities
Soybeans Extend Drop on Tepid Demand and Good US Weather
- Soybean futures touch almost four-year low in Chicago
- Increase in demand for US beans yet to be seen, Hightower says
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Soybeans extended a drop to an almost four-year low in Chicago amid tepid demand for US beans and good weather for crops there.
Export sales for US soybeans are expected to total 510,000 tons in the week ending July 11, according to a Bloomberg survey of analysts. While that would be up from the previous week, it’s well below last year’s amount, and highlights the tough competition from Brazilian and Argentinian supplies.