Investing.com - U.S. grain futures were broadly lower during European morning hours on Tuesday, with soybean prices trading at the lowest level since July after a crop progress report from the U.S. Department of Agriculture showed the U.S. soy harvest was progressing at a record pace.
On the Chicago Mercantile Exchange, soybeans futures for November delivery traded at USD15.4212 a bushel, tumbling 1.1%.
The November contract fell by as much as 1.45% earlier in the session to hit a daily low of USD15.4038 a bushel, the weakest level since July 3.
The USDA’s weekly crop progress report released after Monday’s closing bell showed that approximately 41% of the U.S. soy crop was harvested as of September 30, up from the 22% recorded a week earlier.
The five-year average for this time of year is 19%, while only 15% of the crop was harvested in the same week a year earlier.
Soybean prices have been under heavy selling pressure in recent weeks, losing nearly 14% since hitting an all-time high of USD17.8888 a bushel on September 4, as U.S. farmers started harvesting soybeans at a brisk pace.
Soy traders were also starting to focus on soybean production in Brazil and Argentina, the world’s second and third largest exporters of the oilseed.
Brazilian-based industry group Celeres raised its forecast for the country's soy crop by nearly 1 million tonnes to a record 79.08 million tonnes.
Meanwhile, corn futures for December delivery traded at USD7.5388 a bushel, shedding 0.5%. The December contract fell by as much as 0.55% earlier to hit a session low of USD7.5312 a bushel.
The USDA said that nearly 54% of the U.S. corn crop was harvested as of last week, up from 39% in the preceding week and significantly higher than the 18% recorded in the same week a year earlier.
The five-year average for this time of year is 20%.
Corn prices have been under pressure in recent weeks, after data showed the U.S. corn harvest was accelerating at a faster rate than anticipated.
Corn prices touched a record high of USD8.4237 a bushel on August 10, as escalating concerns over the impact of the worst drought in at least 56 years in the U.S. Midwest and Great Plains-region drove prices higher.
Elsewhere, wheat for December delivery traded at USD8.7462 a bushel, dropping 1.1%. Earlier in the day, prices fell by as much as 1.4% to hit a session low of USD8.7300 a bushel.
Corn is the biggest U.S. crop, valued at USD66.7 billion in 2010, followed by soybeans at USD38.9 billion, government figures show. Wheat was fourth at USD13 billion, behind hay.
On the Chicago Mercantile Exchange, soybeans futures for November delivery traded at USD15.4212 a bushel, tumbling 1.1%.
The November contract fell by as much as 1.45% earlier in the session to hit a daily low of USD15.4038 a bushel, the weakest level since July 3.
The USDA’s weekly crop progress report released after Monday’s closing bell showed that approximately 41% of the U.S. soy crop was harvested as of September 30, up from the 22% recorded a week earlier.
The five-year average for this time of year is 19%, while only 15% of the crop was harvested in the same week a year earlier.
Soybean prices have been under heavy selling pressure in recent weeks, losing nearly 14% since hitting an all-time high of USD17.8888 a bushel on September 4, as U.S. farmers started harvesting soybeans at a brisk pace.
Soy traders were also starting to focus on soybean production in Brazil and Argentina, the world’s second and third largest exporters of the oilseed.
Brazilian-based industry group Celeres raised its forecast for the country's soy crop by nearly 1 million tonnes to a record 79.08 million tonnes.
Meanwhile, corn futures for December delivery traded at USD7.5388 a bushel, shedding 0.5%. The December contract fell by as much as 0.55% earlier to hit a session low of USD7.5312 a bushel.
The USDA said that nearly 54% of the U.S. corn crop was harvested as of last week, up from 39% in the preceding week and significantly higher than the 18% recorded in the same week a year earlier.
The five-year average for this time of year is 20%.
Corn prices have been under pressure in recent weeks, after data showed the U.S. corn harvest was accelerating at a faster rate than anticipated.
Corn prices touched a record high of USD8.4237 a bushel on August 10, as escalating concerns over the impact of the worst drought in at least 56 years in the U.S. Midwest and Great Plains-region drove prices higher.
Elsewhere, wheat for December delivery traded at USD8.7462 a bushel, dropping 1.1%. Earlier in the day, prices fell by as much as 1.4% to hit a session low of USD8.7300 a bushel.
Corn is the biggest U.S. crop, valued at USD66.7 billion in 2010, followed by soybeans at USD38.9 billion, government figures show. Wheat was fourth at USD13 billion, behind hay.