Soybean futures fell to seven-week lows on Thursday, as accelerating U.S. harvest activity, expectations for record production, and continued uncertainty surrounding Chinese demand pressured prices.
Corn and wheat futures also drifted lower amid generally bearish market sentiment.
Soybeans remained under pressure following last week's USDA report, which raised its U.S. production estimate to a record 4.56 billion bu and increased projected ending stocks. Improved harvest conditions across the Midwest added to the selling pressure. Renewed Chinese buying provided some support. The USDA announced another 330,000 tonnes of soybean sales to China on Thursday, alongside 283,450 tonnes to unknown destinations. November fell 14 ¼ cents to $12.63, and March dropped 13 ¾ cents to $12.86 ¼.
Corn futures were also pressured by harvest-related selling and lingering fallout from last week's bearish USDA production and stocks estimates. The International Grains Council's upward revision to global corn production in its monthly Grain Market Report today reinforced the ample-supply outlook. December corn eased 2 ¾ cents to $4.78, and March was down 3 ¾ cents at $4.98.
Wheat futures faced spillover pressure from corn, while broader uncertainty over global grain demand and supplies continued to limit buying interest. December Chicago lost 3 ¼ cents to $6.70, while December Kansas City was down 2 cents to $7.13. December Hard Red Spring managed to hold steady at $7.00 ½, but December Minneapolis edged 4 cents lower to $6.86.
