Corn, soybean prices dip on unexpectedly large US harvest

Unexpectedly strong corn and soybean yields in the U.S. have boosted global supplies, but prices are likely to rebound in the long term, given strong demand and logistical challenges.

Favorable weather increased corn yields 2.7 bushels per acre beyond expectations set at the end of September, adding an estimated 234 million bushels to this year's corn crop, according to the U.S. Department of Agriculture (USDA). Soybean yields rose .3 bushels per acre above the September forecast. Corn and soybean futures fell 19 cents and 44 cents per bushel, respectively, in the week after the USDA's October 9 report.