Bloomberg News

Soybeans Drop as U.S. May Raise Estimate for Domestic Stockpiles

December 12, 2011

Dec. 9 (Bloomberg) -- Soybeans fell in Chicago before the U.S. Department of Agriculture’s report that may show an increase in U.S. stockpiles as global demand shifts to cheaper supplies from other exporting nations.

The estimate for stockpiles before the 2012 harvest will be raised to 211 million bushels from 195 million bushels last month, according to the median estimate of 26 analysts surveyed by Bloomberg News. Prices jumped 2.6 percent last week.

Dennis Gartman, an economist and editor of the Gartman Letter in Virginia, said in his letter today that estimates average 213 million bushels.

Soybeans for January delivery fell 0.1 percent to $11.315 a bushel by 11:54 a.m. London time on the Chicago Board of Trade. The oilseed is down 0.4 percent this week.

Corn for delivery in March gained 0.4 percent to $6.0275 a bushel in Chicago. Prices are up 1.3 percent this week.

Wheat for March delivery gained 0.3 percent to $5.9875 a bushel in Chicago. Prices are down 4.3 percent this week.

Milling wheat for March delivery traded on NYSE Liffe in Paris fell 0.4 percent to 174.50 euros ($234.13) a metric ton.

--With assistance from Jeff Wilson in Chicago. Editors: Claudia Carpenter, John Deane

To contact the reporter on this story: Tony C. Dreibus in London at tdreibus@bloomberg.net.

To contact the editor responsible for this story: Claudia Carpenter at ccarpenter2@bloomberg.net.


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