Soybean futures declined on mounting speculation that a bumper crop in the U.S., the world’s largest grower, will overwhelm demand. Wheat dropped to the lowest since 2010, and corn rose.
Soybean prices tumbled 24 percent this year. The Department of Agriculture has forecast output of the oilseed crop at an all-time high of 3.913 billion bushels, up 19 percent from last year. Corn production was projected at a record 14.395 billion bushels, up 3.4 percent.
“We’re focused on supply now, instead of the demand side of the market,” Brian Grete, editor of the Professional Farmers of America Newsletter in Cedar Falls, Iowa, said in a telephone interview. “That isn’t going to change anytime soon. It’s definitely a bearish tone. Every move up is seen as a fresh selling opportunity.”