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Soybeans Drops to 4-Year Low, Corn & Wheat Follow in Decline

August 25, 2014 at 22:06 by Vladimir Vyun

Futures for soybeans slumped today, reaching the lowest level in four years, on the forecast of a record harvest. Corn and wheat declined too.

Rains and warm weather in the growing regions continue to help plants’ growth. According the estimate the US Department of Agriculture released this month, the soybeans harvest should be at record 3.816 billion bushels this fall. This should boost global inventories to an all-time high.

November futures for delivery of soybeans tumbled 1.22 percent to $10.2925 per bushel as of 22:02 GMT on CBoT today, while intraday they touched 10.26 — the lowest price for a most-active contract since September 2010. Prices lost 20 percent this year. December corn declined 1.08 percent to $3.6750 per bushel, while wheat fell 1.38 percent to $5.5450 per bushel.

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