Soybeans drop to 2-month low on US harvest pressure, weaker oil
USO•Soybeans fell 1% to a two-month low as the advancing record US harvest and lower crude oil prices weighed on the market. Corn dropped 0.8% and wheat edged down 0.1%.
1. Harvest weighs on soybeans
The most-active soybean contract fell 1% to $12.44 a bushel, after hitting its weakest level since August 26. The article said the rapidly advancing harvest of an all-time-high US crop was adding supply to the market.
2. Oil and export demand
Crude oil prices eased after rising to near six-month highs late last week. The US Department of Agriculture reported net soybean export sales of 2.8 million metric tons for the week ended October 15, near the top of market estimates, as Chinese purchases boosted volumes.
3. Other grains also fall
Corn declined 0.8% to $4.52-1/4 a bushel, pressured by the advancing US harvest and the prospect of larger stocks. Wheat slipped 0.1% to $6.24-1/2, with losses limited by disruption to Black Sea supplies, including a drone strike that sank a cargo ship off Romania’s coast.
