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U.S. soybean, corn futures edge lower as harvest nears completion

Published 11/24/2014, 06:47 AM
Updated 11/24/2014, 06:47 AM

Investing.com - U.S. soybean and corn futures edged lower on Monday, as a record harvest in the U.S. neared completion.

On the Chicago Mercantile Exchange, US soybeans for January delivery shed 6.53 cents, or 0.63%, to trade at $10.3188 a bushel during U.S. morning hours.

Prices of the oilseed jumped 18.4 cents, or 1.81%, on Friday to settle at $10.3900 a bushel as investors bet that a surprise rate cut in China will lead to increased demand for the oilseed from the world's largest consumer.

China is the world’s largest soybean consumer and accounts for nearly 60% of global trade of the oilseed, according to the U.S. Department of Agriculture.

The U.S. Department of Agriculture is scheduled to release its crop progress report later in the session.

According to the USDA, approximately 94% of the U.S. soy harvest was completed as of November 16, up from 90% in the preceding week.

The USDA estimated that this year's soybean harvest will reach a record 3.958 billion bushels.

Meanwhile, US corn for March delivery dipped 0.53 cents, or 0.14%, to trade at $3.8388 a bushel.

The USDA said that nearly 89% of the U.S. corn harvest was completed as of last week, compared to 80% a week earlier.

According to the agency, the U.S. will produce 14.407 billion bushels this year, an all-time high.

Elsewhere on the CBOT, US wheat for March tacked on 2.42 cents, or 0.44%, to trade at $5.5663 a bushel.

Wheat prices were supported amid speculation freezing weather in the U.S. Midwest will damage the winter-wheat crop.

Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.

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