Soybeans Extend Losses After USDA Raises Global Supply Outlook


Soybeans dropped for a second day after the U.S. Department of Agriculture increased its estimates for global production and stockpiles. Wheat advanced.

Global inventories before the next Northern Hemisphere harvest in 2014 will be 73.01 million metric tons, compared with 72.3 million tons estimated in January and more than analysts expected in a Bloomberg survey, the USDA said yesterday. World output will total 287.69 million tons, compared with 286.83 million tons forecast last month, according to the report.

“The USDA report was bearish for oilseed prices, raising fears the recent rally may have run out of fundamental support,” Luke Mathews, a commodity strategist at Commonwealth Bank of Australia, wrote in a note today.

Soybeans for March delivery fell 0.3 percent to $13.22 a bushel at 4:05 a.m. on the Chicago Board of Trade. Prices rose for seven sessions through Feb. 7, the longest rally since March 2012, amid concern that hot, dry weather would erode prospects for crops in Brazil, the world’s biggest exporter.

Growing areas in Brazilian states of Rio Grande do Sul, Mato Grosso do Sul and Parana will see showers later this week, easing dry conditions, forecaster DTN said. The USDA raised its estimate yesterday for the country’s crop to a record 90 million tons, from a previous estimate of 89 million.

Corn for March delivery fell 0.2 percent to $4.4225 a bushel. The price declined 0.3 percent yesterday, even as the USDA cut its outlook for U.S. and world inventories by more than analysts expected.

Wheat Advances

Wheat for March delivery advanced 0.4 percent to $5.8725 a bushel after a 1.3 percent jump yesterday. In Paris, milling wheat for November delivery gained 0.1 percent to 185 euros ($253) a ton on NYSE Liffe.

Domestic U.S. wheat reserves on May 31 will be 558 million bushels, less than the 608 million bushels forecast last month, according to the USDA. Global inventories will reach 183.73 million tons, down from 185.4 million estimated in January, it said. Wheat slid 22 percent last year in Chicago on the outlook for record global production.

The “report was considered as slightly bullish by most of the U.S. and French traders as the USDA decreased the world wheat stock,” Arnaud Saulais, a broker at Starsupply Commodity Brokers in Nyon, Switzerland, said in an e-mailed report. “In the long term, most of the French co-ops and trade houses are remaining bearish on milling wheat as the new crop is expected to be good if weather conditions remain normal.”

  • Hello there, I found your web site via Google while searching for a related topic, your web site came up, it looks great. I’ve bookmarked it in my google bookmarks.

  • I truly wanted to send a small word so as to appreciate you for all the amazing guidelines you are placing on this site. My particularly long internet lookup has at the end of the day been recognized with awesome strategies to exchange with my best friends. I would state that that we site visitors are quite fortunate to live in a magnificent network with very many special individuals with insightful tips. I feel really privileged to have come across your entire website and look forward to many more awesome minutes reading here. Thanks a lot again for a lot of things.

  • How to get google and bing adsense are the reason for my all 3 2 and blogging sites websites ?

  • Fashion Jewelry

    Wonderful website. A lot of helpful information here. I¡¦m sending it to some pals ans additionally sharing in delicious. And obviously, thanks to your sweat!

  • online furniture shopping

    I do consider all of the ideas you’ve presented on your post. They are really convincing and will certainly work. Nonetheless, the posts are very brief for beginners. May just you please extend them a little from subsequent time? Thank you for the post.

  • Wonderful work! This is the type of information that are meant to be shared across the web. Shame on Google for now not positioning this submit higher! Come on over and consult with my web site . Thank you =)

  • you’re in point of fact a just right webmaster. The web site loading speed is amazing. It kind of feels that you’re doing any distinctive trick. Furthermore, The contents are masterwork. you have done a fantastic process on this subject!

  • Put simply, when will i search for web blogs which fit what I want to learn more about? Does any one have learned how to Read through weblogs by topic or just about any on blogger? .

  • There is evidently a lot to know about this. I assume you made some good points in features also.

  • I¡¦ve been exploring for a bit for any high-quality articles or blog posts on this sort of house . Exploring in Yahoo I finally stumbled upon this site. Reading this info So i am happy to convey that I have an incredibly just right uncanny feeling I found out just what I needed. I so much unquestionably will make certain to don¡¦t omit this site and give it a look on a continuing basis.

  • hi!,I love your writing so a lot! share we keep in touch more about your article on AOL? I require an expert on this house to unravel my problem. May be that’s you! Looking forward to peer you.

  • Thanks for sharing excellent informations. Your site is very cool. I’m impressed by the details that you have on this web site. It reveals how nicely you understand this subject. Bookmarked this website page, will come back for extra articles. You, my pal, ROCK! I found just the info I already searched everywhere and simply could not come across. What a great website.

  • Hey There. I found your blog using msn. This is a very well written article. I will be sure to bookmark it and return to read more of your useful info. Thanks for the post. I’ll definitely comeback.

  • I have to convey my admiration for your kind-heartedness supporting men who should have help on this matter. Your special commitment to passing the solution along has been exceptionally advantageous and have always permitted most people just like me to get to their endeavors. Your amazing insightful information entails a great deal a person like me and further more to my mates. Warm regards; from everyone of us.