Record harvests expected this fall
Soybean prices extended a slide to the lowest price since September 2010, as U.S. farmers are expected to harvest a record crop. Corn and wheat prices also were down the week of August 25, according to a Bloomberg report.
As of August 24, 70 percent of soybeans in the main growing areas were in good or excellent condition, according to the U.S. Department of Agriculture (USDA). USDA estimates the harvest may reach 3.816 billion bushels. Heavy rains in the Midwest in the past week has eased soil-moisture deficits.
Soybean futures for November delivery fell 0.1 percent to close at $10.28 a bushel on the Chicago Board of Trade (CBOT). Corn futures for December delivery declined 0.7 percent to $3.65 a bushel.
On August 24, the USDA rated 73 percent of the domestic corn crop as good or excellent, up from 72 percent the week prior. It estimates the harvest will be 14.032 billion bushels, a record.
Wheat futures for December delivery gained 0.4 percent to $5.565 a bushel.
The condition of the spring wheat declined after damaging rains from Montana to Minnesota. Sixty-six percent of the crop was in good or excellent condition. Spring-wheat production may rise 7.1 percent to 572 million bushels this year, the government said Aug. 12.
“Too much rain has hurt yields and quality,” Joe Hofmeyer, a market analyst at CHS Hedging Inc. told Bloomberg. “We are still going to have a big U.S. spring-wheat crop. It’s just smaller than it was earlier.”