Soybeans slumped to the lowest level since 2010, extending a second weekly loss, on expectations farmers in the US will harvest a record crop.
Futures for delivery in November declined as much as 0.9 per cent to $10.325 a bushel on the Chicago Board of Trade, the lowest for a most-active contract since September 2010, and was at $10.335 by 2:10 p.m. in Singapore. Prices declined 1 per cent last week and are down 4.5 per cent in August.
Soybeans tumbled 26 per cent in the past year on expectations that a 3.816 billion-bushel US harvest predicted by the Department of Agriculture will boost global inventories. Increased supplies of crops, including corn, are helping reduce global food prices, with a United Nations’ index slumping to a six-month low in July. US corn output will be a record 14.032 billion bushels, USDA data show.
“The continued weight from the large US bean” crop is the key driver, Ole Houe, director of advisory services at Ikon Commodities Pty in Sydney, wrote in an e-mail.
Corn for December delivery dropped as much as 1.2 per cent to $3.67 a bushel and was at $3.6775. Wheat for December delivery lost as much as 1 per cent to $5.5675 a bushel before trading little changed at $5.625.
Bloomberg News, edited by ESM
