Soybean Futures Plunge on Harvest Pressure Amid US-China Trade Talks

The soybean and grain futures market saw a decline in overnight trading due to harvest pressure. According to the USDA, 12% of U.S. soybeans were harvested as of Sunday, double the 6% collected a week earlier and ahead of the prior five-year average of 8%. In Iowa, 2% of the crop was harvested, while in Illinois, 13% of soybeans were in the bin at the start of the week.

Farmers in both states generally have about 5% of their soybeans collected by now. About 62% of U.S. beans were dropping leaves, up from 44% a week earlier and the average of 58%. Thirteen percent of the corn crop was harvested as of Sunday, up from 8% a week earlier and the 11% average for this time of year.

Soybean futures for November delivery dropped 8¢ to $13.17 1/2 a bushel overnight on the Chicago Board of Trade, soy meal was down 40¢ to $370.30 a short ton and soy oil declined 0.28¢ to 67.64¢ a pound. Corn futures for December delivery lost 7¢ to $5.29 3/4 a bushel.