Soybean prices edges lower; USDA pegs harvest above forecasts

07 Oct 2015

U.S. soybean prices inched lower on Tuesday after posting gains of more than 1 percent in the previous session, as the U.S. Department of Agriculture pegged the harvest ahead of market expectations.

FUNDAMENTALS

* Chicago Board of Trade November soybeans fell 0.3 percent to $8.81-1/4 a bushel, after closing up 1.1 percent on Monday.

* December corn fell 0.13 percent to $3.93, having finished the previous session up 1.1 percent.

* December wheat was down 0.24 percent at $5.14-1/4 a bushel, after closing up 0.4 percent on Monday.

* The USDA pegged the country’s corn harvest as 27-percent complete. Analysts had expected 30 percent.

* The Corn crop was seen as 68 percent good-to-excellent, matching analysts’ forecasts.

* The soybean crop was pegged at 64 percent good-to-excellent, ahead of forecasts.

* The soybean harvest was seen 42-percent complete, slightly ahead of market forecasts.

* U.S. wheat planting was seen at 49-percent finished, ahead of market expectations.

* Traders were adjusting positions in the markets before the USDA issues reports on crop production, supplies and demand on Friday. * Some analysts said the agency may cut its estimates for how many acres of soybeans and corn will be harvested this year due to unfavorable weather.

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