Soybeans Plunge More Than 23¢ as Investor Selling Pushes Down Prices
Soybean futures tumbled Thursday as investors shrugged off continued demand from China and liquidated positions amid a record U.S. crop.
Commerzbank analysts in a report yesterday said supplies of key agricultural products including soybeans, corn, and wheat are “set to remain comfortable in 2017, meaning limited potential for prices to recover.”
The U.S. Department of Agriculture has projected production of 4.36 billion bushels of soybeans on yields of 52.5 bushels an acre. Corn output is pegged at 15.2 billion bushels on yields of 175.3 bushels an acre. All of those figures are records, according to USDA data.
Soybean futures for January delivery dropped 23½¢ to $10.25½ a bushel on the Chicago Board of Trade. Soy meal futures lost $7.90 to $312.60 a short ton, and soy oil futures lost 0.55¢ to 37.38¢ a pound.
Corn for March delivery declined 3¾ to $3.54¼ a bushel in Chicago.
Wheat futures rose as cold weather moves into the southern Plains, with Chicago futures for March delivery up 7¾¢ to $4.08¾ a bushel and Kansas City up 5¢ to $4.05 a bushel.