Commodities: Chicago Soybean Falls To 2010 Low On Record Crop Outlook
Chicago Soybean fell to the lowest price since September 2010 Monday, on expectations farmers will harvest a record crop in the US, the world’s biggest grower. Corn and Wheat also fell.
Soybean has fallen 20% YTD on signs that the record 3.816-B bu US harvest predicted by the USDA will boost global inventories to an all-time high.
US Corn output will be 14.032-B bu, the most ever, the USDA estimates. Parts of the Midwest received 5X the normal rain in the past week, aiding plants filling kernels with sugars and starch and beans with oil and protein.
Soybean futures for delivery in Nov declined 1.2% to close at 10.2925 bu on the Chicago Board of Trade (CBOT), after touching 10.26, the lowest for a most-active contract since September 2010. Prices declined 1% last week.
Corn futures for Dec delivery dropped 1.1% to 3.675 bu on the CBOT, after falling 1.5% last week, the 1st decline in 3 wks. The price touched a 4 yr low at 3.58 on 12 August.
Wheat futures for Dec delivery fell 1.4% to 5.545 bu.
Increased supplies of crops, including Soybeans andCcorn, are helping reduce global food prices, with a United Nations’ index slumping to a 6-month low in July.
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