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Prospects for Record Harvest in Brazil Hurt Soybean Prices

March 12, 2013 at 20:52 by Vladimir Vyun

Soybeans fell today on speculations that supply from Brazil will increase as the country may produce a record harvest. According to analysts, 48 percent of Brazilian crop was gathered as of March 8th. This is compared to 46 percent in the same period last year. The US Department of Agriculture predicted that Brazil may gather 83.5 million metric tons of soybeans. The South American country may replace the United States as the biggest supplier of the oilseed.

Previously, there were talks that demand may exceed supply. Now, it looks like output can keep up with consumption.

April futures for delivery of soybeans dropped $0.1075 (0.73 percent) to $14.6875 per bushel as of 20:48 GMT on CBoT today.

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