Reduced overseas demand dragged down soybean futures on Thursday as the legume fell to its lowest value in roughly 21 days, according to Bloomberg.
For week ended November 1, soybean sales fell 75 percent from one week prior in the U.S., the globe's biggest exporter of the commodity, according to the U.S. Department of Agriculture. Soybean futures fell to their lowest value since the middle of October, during which the commodity lost 3.3 percent of their value as a result of rains paring down yield reductions after the worst drought in more than 50 years this past summer in the U.S.
"U.S. exports are slowing," senior market advisor Jacquie Voeks with Stewart Peterson Group in Wisconsin told the news source. "The economic environment in not conducive for grain market investors."
At 12:35 p.m. on Thursday, soybean futures fell 0.65 percent, a 0.0975-cent loss to $14.9725 per bushel.
Reuters reports soybean export sales fell to their lowest in 16 months, according to economic data provided by the U.S. Department of Agriculture.
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