Soybean Prices Slump as Harvest Pressure Mounts
US soybean futures took a hit on Thursday due to market expectations that the August crush likely dropped and fund liquidation. The most-active soybean contract settled down 9 cents at $12.84 per bushel, touching its lowest price since August 28.
The slow pace of the US harvest, caused by wet late summer and early autumn weather, has weighed on prices. Market analysts point to concerns about export demand as another factor contributing to the decline in soybean futures. The USDA reported that US soybean processors crushed 209.6 million bushels of soybeans in August, below an average of trade estimates.
CBOT wheat futures closed higher due to a small US crop and a large import tender announced by Saudi Arabia. CBOT corn futures also ended the session higher on technical buying after traders processed the surprising US stocks report from the USDA. The report showed that US farmers and grain handlers had 35% more corn in storage on September 1 than a year earlier.