U.S. soybeans falls to another 4-year low on record crop outlook

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Investing.com - U.S. soybean futures fell to a fresh four-year low for the second consecutive session on Tuesday, as ongoing expectations for a record U.S. harvest weighed.

On the Chicago Mercantile Exchange, U.S. soybeans for November delivery declined 0.29%, or 2.98 cents, to trade at $10.2563 a bushel during U.S. morning hours.

The November soy contract fell to a session low of $10.2388 earlier, a level not seen since September 2010.


A day earlier, soybean prices lost 1.22%, or 12.6 cents, to end at $10.2920.

Soybean traders piled on to bearish bets after the U.S. Department of Agriculture estimated this fall's U.S. harvest would reach an all-time high of 3.82 billion bushels on August 12.

Meanwhile, U.S. corn for December delivery dipped 0.24%, or 0.88 cents, to trade at $3.6713 a bushel amid expectations of record yields across much of the U.S. grain belt.

Corn prices fell 1.08%, or 4.0 cents, on Monday to settle at $3.6740.

Prices fell to a four-year low of $3.4800 a bushel on August 12 after the USDA estimated the corn harvest at 14.03 billion bushels, which would break last year's record of 13.93 billion.

The agency also said it expected average corn yields of 167.4 bushels per acre, above an all-time high of 164.7 in 2009.

Elsewhere on the CBOT, U.S. wheat for December delivery inched down 0.11%, or 0.6 cents, to trade at $5.5400 a bushel.

Prices of the grain slumped 1.38%, or 7.6 cents, on Monday to end at $5.5440.

Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.

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