Soybean futures fell to a four-year low as favorable weather aids farmers in gathering a crop forecast at the largest ever in the U.S., the world’s top grower. Corn and wheat declined.
Warm, dry Midwest conditions in the next five days should help maturing crops and harvesting, Bryce Anderson, a meteorologist at DTN, said in a note. The Department of Agriculture estimates soybean output this year will rise 19 percent to 3.913 billion bushels from 2013. Farmers collected 3 percent of the oilseeds as of Sept. 21, down from an average of 8 percent in the prior five years, according to the USDA.
“The very favorable weather outlook over the next five to seven days is pushing the idea that we’ll see some meaningful harvest progress between now and next week,” Greg Grow, the director of agribusiness for Archer Financial Services Inc. in Chicago, said in a telephone interview. “The demand is coming at these prices, but the supply is looming extremely large.”
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