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U.S. soybean, corn futures trade near 2-week lows on harvest outlook

Published 11/20/2014, 06:06 AM
Updated 11/20/2014, 06:06 AM
U.S. soybeans trade near 2-week low as harvest winds down

Investing.com - U.S. soybean and corn futures traded near two-week lows on Thursday, as a record harvest in the U.S. neared completion.

On the Chicago Mercantile Exchange, US soybeans for January delivery tacked on 3.48 cents, or 0.35%, to trade at $10.0888 a bushel during U.S. morning hours.

A day earlier, prices of the oilseed hit $10.0360 a bushel, the lowest level since November 5, before settling at $10.0460, down 18.4 cents, or 1.81%, as a pickup in the pace of the U.S. harvest last week weighed on prices.

According to the U.S. Department of Agriculture, 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 December delivery touched a session low of $3.6263 a bushel, the weakest level since November 5, before turning higher to last trade at $3.6438.

On Wednesday, corn prices tumbled 8.6 cents, or 2.35%, to end at $3.6320 a bushel, as farmers in the U.S. accelerated harvesting of a record crop.

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 December delivery traded at a one-week low of $5.3475 a bushel, down 2.45 cents, or 0.46%.

Wheat prices sank 11.2 cents, or 2.05%, to close at $5.3760 a bushel on Wednesday, amid concerns over a slowdown in demand for U.S. supplies.

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

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