Soybeans plunged to a four-month low after a U.S. government report showed that August rains helped revive Midwest yields more than forecast, after the worst drought in five decades. Corn was little changed.
The soybean harvest will total 2.971 billion bushels, up 3.9 percent from last month’s forecast, the U.S. Department of Agriculture said today. Analysts surveyed by Bloomberg expected 2.892 billion. Corn output will be 10.725 billion bushels, up from 10.706 billion estimated in October. Better-than-expected U.S. yields will boost global inventories, the USDA said.
“There wasn’t really a bullish number in the lot to hang your hat on,” Charlie Sernatinger, a vice president for ABN Amro Clearing LLC in Chicago, said in an e-mail. “November is not going to be a good month for the bulls.”
Soybean futures for January delivery fell 1.4 percent to $14.7525 a bushel at 8:14 a.m. on the Chicago Board of Trade, after touching $14.63, the lowest since July 3. Through yesterday, the price had fallen 16 percent since reaching a record $17.89 on Sept. 4.
Corn futures for December delivery were up 0.1 percent to $7.4425 a bushel on the CBOT, after slipping as much as 1 percent. The most-active futures fell 12 percent through yesterday after reaching a record high of $8.49 on Aug. 10.
Corn is the biggest U.S. crop, valued at $76.5 billion in 2011, followed by soybeans, hay and wheat, government figures show.
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