Soybean futures fell to their lowest level in about 11 weeks as crude oil prices tumbled and US farmers neared the end of harvest. Corn hit a four-month low, while wheat rose; soybean futures were down 18-1/4 cents to $12.16 per bushel by noon CST.
Most-active soybean futures were down 18-1/4 cents at $12.16 per bushel by noon CST and touched their lowest level since August 19. The contract has fallen 9% since reaching its highest price in about three years last month. Corn futures were down 3/4 cent at $4.47 per bushel, while wheat futures rose 1-1/2 cents to $6.05.
The US Department of Agriculture has estimated that farmers are harvesting a record soybean crop and the second-largest corn crop. A poll of 10 analysts put the soybean harvest at 88% complete and corn at 73% as of Sunday; the USDA was scheduled to release updated progress figures after the market closed.
Oil prices fell more than 7%, adding pressure on soybeans because the crop is used to make biofuels, traders said. Wheat traders were monitoring disruptions to Black Sea grain shipments amid Russia's war on Ukraine. Analysts projected that the USDA would rate 50% of the winter wheat crop in good-to-excellent condition in its first assessment of the season.
