U.S. soybeans fall to 2-week low on record harvest outlook

Investing.com - U.S. soybean futures extended losses from the previous session to hit a two-week low on Wednesday, as a record harvest in the U.S. neared completion.

On the Chicago Mercantile Exchange, US soybeans for January delivery fell by as much as 1% to touch a daily low of $10.1288 a bushel, the weakest level since November 6.

Prices recovered to last trade at $10.1538 during U.S. morning hours, down 7.83 cents, or 0.76%.

A day earlier, soybeans lost 13.0 cents, or 1.25%, to settle at $10.2320 a bushel, 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 dipped 2.73 cents, or 0.73%, to trade at $3.6888 a bushel, the lowest since November 11.

Corn prices declined 5.4 cents, or 1.46%, on Tuesday to end at $3.7200 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 four-day low of $5.4375 a bushel, down 4.85 cents, or 0.88%.

On Tuesday, wheat prices fell 2.6 cents, or 0.5%, to close at $5.4900 a bushel.

Agricultural meteorologists said that temperatures across the U.S. Midwest should warm by the weekend and help melt snow in key grain-growing states, aiding crop prospects.

According to the USDA, approximately 60% of the U.S. winter-wheat crop was rated in "good" to "excellent" condition, unchanged from the previous week.

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