Soybeans retreated after posting the biggest jump in more than a year as separate surveys showed that world inventories and U.S. crops may be bigger than estimated by the Department of Agriculture last month.
The contract for November delivery lost as much as 0.7 percent to $9.355 a bushel on the Chicago Board of Trade and was at $9.3825 by 1:12 p.m. in Singapore. Futures rose 3.3 percent yesterday, the most since August 2013, on signs of improved demand for U.S. supplies and as rain slowed harvesting. Prices tumbled 27 percent this year as farmers in the U.S., the top grower, prepared to harvest the biggest crop ever.
World inventories before the 2015 Northern Hemisphere harvests may reach 90.96 million metric tons, bigger than 90.17 million tons forecast by the USDA, according to a Bloomberg survey. The U.S. may produce 3.992 billion bushels, topping the government’s forecast of a record 3.913 billion, another survey showed. The USDA is set to update its projections on Oct. 10.
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