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Soybeans & Corn Drop as Harvest Proceeds with Record Speed

October 2, 2012 at 19:15 by Vladimir Vyun

Soybeans slumped today and corn weakened as the US harvest proceeds with unparalleled speed. In fact, such speed of crop harvesting has not been seen since the US Department of Agriculture started to gather data in 1981. The USDA estimated that US farmers managed to gather as much as 41 percent of the soybean crop by the end of last month, while just 15 percent of the crop was gathered at the same period a year ago. As for corn, 54 percent of the grain was already harvested, compared to 18 percent in the previous year.

The amount of gathered crops may reduce the effect that the speed of gathering has on grain prices. This year’s drought had its negative impact on the crops. Therefore, the harvest of corn may be the smallest in six years, while soybean’s yield may reach a nine-year low.

Soybeans dropped as much as $0.22 (1.41 percent) to $15.3825 per bushel as of 19:05 GMT today on CBoT. Corn fell $0.01 (0.13 percent) to $7.5575 per bushel.

If you have any questions and comments on the commodities today, use the form below to reply.

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