The globe's largest grower of soybeans is projected to see the smallest supplies of the legume since 2003, according to Bloomberg.
The U.S. is projected to have its lowest amount of soybeans in 40 years after the past summer included the harshest drought in nearly 60 years. But soybean futures were losing value on Tuesday, despite the projected shortfall.
"The U.S. will simply run out of soybeans" for shipping purposes in early March, vice president and grain-industry analyst Doug Jackson with FCStone in West Des Moines, Iowa, told the news source. "The supply situation is unprecedented. The theoretical maximum South American shipping capacity may fall short, leaving world buyers wanting."
At 8:44 a.m. on Tuesday, soybean futures fell 0.36 percent, a 0.0625 cent loss to $17.125 per bushel.
Reuters reports losses to soybeans on Tuesday mark the fifth consecutive day of poorly performing on the U.S. market as the legume fell to its lowest price in 14 days. Prices were pressured by a more rapid harvest advancing with scrutiny of forecasts on the crops.
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