Soybeans tumbled to the lowest level in a year and corn extended the biggest weekly loss since April as favorable growing conditions in the U.S. boosted optimism the world’s largest producer will harvest record crops.
Soybeans for delivery in November, after the U.S. harvest, fell as much as 1.6 percent to $12.775 a bushel on the Chicago Board of Trade, the cheapest for the most-active contract since June 6, 2012. Futures were at $12.8375 by 10:24 a.m. in Singapore on volume that was 78 percent above the 100-day average for that time of day.
Thunderstorms forecast last weekend helped maintain surplus moisture for crops in the Midwest, while warmer weather is expected for an extended period, favoring late planted crops, DTN reported June 14. Record U.S. soybean and corn harvests, recovering from last year’s drought, will increase world production to all-time highs, the government forecasts.
“Weather has been suitable for crop development in the U.S.,” Hiroyuki Kikukawa, general manager for researcher at Nihon Unicom Inc., wrote in an e-mail today in a reply to Bloomberg questions. “With favorable growing conditions in the U.S., farmers are on course to produce a record crop.”
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