Soybean futures fell to a two-week low as farmers increased sales from a bumper crop in the U.S., the world’s top producer. Wheat slumped the most in five weeks, and corn dropped.
The soybean harvest was 94 percent complete as of Nov. 16, compared with an average of 96 percent in the previous five years, U.S. Department of Agriculture data showed this week. Output will rise 18 percent to a record 3.958 billion bushels, the agency estimated last week. Yesterday, premiums on supplies for shipment from New Orleans fell to the lowest since July.
“Falling exporter bids and falling futures are signs that supplies are adequate,” Chad Henderson, the president of Prime Agricultural Consultants Inc. in Brookfield, Wisconsin, said in a telephone interview. “Demand is slowing.”
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