Soybeans drop to 2-month low on US harvest pressure, weaker oil
SINGAPORE: Soybeans slid 1% to a two-month on Monday , with the market being weighed down by supplies from record US harvest entering the market and lower crude oil prices. Corn and wheat prices also fell, though losses in wheat were limited by continued disrupting to Black Sea supplies.
Soybean prices plummeted to a two-month low on Monday, driven by a glut of US harvest supplies and a decline in oil prices. Corn and wheat prices also declined, although wheat's losses were mitigated by ongoing disruptions to Black Sea supplies. A Singapore-based trader attributed the soybean drop to seasonal pressure resulting from the accelerated US harvest.
The Chicago Board of Trade's most-active soybean contract fell by 1.2 percent to $12.41-1/4 per bushel, marking its lowest level since August 26. Corn prices slipped by 1.1 percent to $4.51 per bushel, while wheat declined by 0.4 percent to $6.22-3/4 per bushel. Oil prices declined after surging to near six-month highs last week, but ongoing attacks on Saudi Arabia maintained supply concerns.
In contrast to last week, when soybean prices were supported by strong export demand and higher oil prices, the US Department of Agriculture reported net export sales of US soybeans in the week ended October 15 at 2.8 million metric tons, close to the upper estimate. The drop in oil prices, often a key factor influencing agricultural markets due to grains and oilseeds' role in biofuel production, contributed to the soybean decline.
US Department of Agriculture's net export sales of US soybeans in the week ended on October 15 was reported to be 2.8 million metric tons.
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