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U.S. soybeans fall to four-year low on upbeat crop outlook

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Investing.com -

Investing.com - U.S. soybean futures fell to a four-year low on Thursday, as ongoing expectations for a record U.S. harvest continued to weigh.

On the Chicago Mercantile Exchange, U.S. soybeans for November delivery dipped 0.26%, or 2.6 cents, to trade at $10.4400 a bushel. Prices of the oilseed hit $10.3860 earlier, the lowest since October 2010.

Soybean traders piled on to bearish bets after the U.S. Department of Agriculture said earlier in the week that this year's crop would be by far the largest in history.

The USDA estimated this fall's U.S. harvest would reach an all-time high of 3.82 billion bushels on August 12. The agency also said soybean yields would hit a record 45.4 bushels an acre.

Meanwhile, U.S. corn for December delivery inched down 0.23%, or 0.82 cents, to trade at $3.5638 a bushel during U.S. morning hours.

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 September delivery tacked on 0.16%, or 8.5 cents, to trade at $5.2925 a bushel. A day earlier, wheat prices fell to $5.2720 on Wednesday, the lowest since July 31.

The USDA raised its outlook for global stockpiles at the end of the 2014-15 season that ends next May 31 to a more-than-expected 192.96 million metric tons earlier in the week.

Prices of the grain fell to a four-year low of $5.1840 a bushel on July 29, as harvest progress in the northern hemisphere underlined the view of ample global supplies.

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

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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