Soybeans Decline on Advancing Brazilian Harvest; Corn AdvancesMar 12th 2013
Soybeans fell in Chicago from the highest close in more than four weeks as the harvest speeds up in Brazil, where a record crop is expected. Corn rose, while wheat was little changed.
Brazilian farmers collected about 48 percent of the harvest as of March 8, up from 46 percent a year earlier, and sold 58 percent of the crop, researcher Safras & Mercado said in a report yesterday. Brazil, expected to overtake the U.S. as the world’s biggest exporter, may produce a record 83.5 million metric tons of soybeans, the U.S. Department of Agriculture said March 8.
“Harvest is moving along quickly in Brazil, and soybeans are reaching ports and getting loaded on ships, slowing demand for U.S. supplies,” Greg Grow, the director of agribusiness for Archer Financial Services Inc. in Chicago, said in a telephone interview.
Soybean futures for delivery in May slid 0.4 percent to $14.7325 a bushel at 10:09 a.m. on the Chicago Board of Trade, down from yesterday’s close of $14.795, the highest since Feb. 7.
Corn futures for May delivery rose 0.4 percent to $7.1425 a bushel in Chicago.Wheat futures for May delivery climbed 0.1 percent to $7.005 a bushel on the CBOT.