Soybeans fell in Chicago to the lowest price since July and corn slipped as harvesting in the United States advanced at the fastest pace in at least three decades, helped by warm, dry weather, according to a report by Bloomberg.
About 41% of the soybean crop in the United States was harvested as of Sept. 30, compared with 15% a year earlier, according to the U.S. Department of Agriculture (USDA). Fifty-four percent of corn was collected, up from 18%. The harvest is progressing at the fastest rate since the USDA began collecting data in 1981.
“It’s more the pace of harvesting that’s pushing prices lower, as it eases supply concerns,” Chung Yang Ker, an analyst at Phillip Futures Pte, said from Singapore. “There’s also the anticipation for larger-than-expected yields.”
Soybeans for November delivery fell 1.4% to $15.38 a bushel by 7:05 a.m. on the Chicago Board of Trade. The oilseed earlier touched $15.355, the lowest for a most-active contract since July 13. Corn for December delivery dropped 0.7 percent to $7.5175 a bushel.
Crops remain in the worst condition since at least 1988, with 33% of soybeans and 50% of corn rated poor or very poor as of Sept. 30 after drought hurt yields, USDA data show.
Farmers may collect 10.727 billion bushels of corn, a six-year low, while the soybean harvest at 2.634 billion bushels may be the smallest since 2003, the USDA said. The agency is slated to update crop forecasts Oct. 11.
As harvest results come in, the market appears to be more comfortable with availability,” Deutsche Bank AG analysts said.
Wheat for December delivery slid 1.4% to $8.72 a bushel, extending yesterday’s 2% slump.