Soybeans capped the biggest two-day drop in four months as farmers accelerated harvesting of the biggest-ever crop in the U.S, the world’s top grower. Corn also fell.
Soybean gathering was 83 percent complete as of Nov. 2, up from 70 percent in the prior week, the U.S. Department of Agriculture said yesterday. Corn collection advanced to 65 percent finished from 46 percent. Production of both crops will probably top the government’s last forecast, which was already estimated at all-time highs, a Bloomberg survey showed.
“Harvesting advanced more quickly than people expected, and farmers are selling more as storage space begins to get tight,” Greg Grow, the director of agribusiness for Archer Financial Services Inc. in Chicago, said in a telephone interview. “The crops are getting bigger, and the USDA will likely confirm rising supplies in its monthly report next week.”