Soybean futures headed for the longest string of monthly losses since 2008 as improving crop conditions bolster the outlook for a record harvest in the U.S, the world’s biggest grower.
Domestic farmers are expected to harvest an all-time high of 3.913 billion bushels, 19 percent larger than last year’s crop, the U.S. Department of Agriculture estimates. Supplies are also rising from Brazil and Argentina, the second- and third-largest producers. Prices fell 11 percent in September, heading for a fifth straight monthly decline.
Two years after the worst U.S. drought in decades drove futures to a record, the oilseed is slumping as almost ideal weather boosts the outlook for yields. Soybeans in good or excellent condition made up 72 percent of the crop as of Sept. 28, up from 71 percent as week earlier, the USDA said yesterday. The agency will update its quarterly crop-inventory estimates at noon in Washington today.
Bloomberg
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