The prospect of strong harvests in North and South America prompted soybean futures to lose value on Wednesday as the legume marked a second consecutive trade session of losses, according to Bloomberg.
The U.S. Department of Agriculture is slated to release an updated version of its forecasts this Friday, for which Bloomberg-polled economists project gains of 19 percent as compared to last year's harvest. Inventories of the legume are growing from the U.S. through Brazil.
"Weather conditions in South America are getting better," Senior Fund Manager Tetsu Emori with Astmax Asset Management Inc. in Tokyo told the news source on Wednesday. "There is some expectation that inventories for the U.S. and globally will be upgraded in the next USDA report, and this is pushing down the prices."
At 9:47 a.m. on Wednesday, soybean futures slid 0.35 percent, a 0.045-cent drop to $12.715 per bushel.
Reuters reports the legume has lost value during five of the past seven trade sessions. U.S. soybean production is poised to increase by 0.6 percent to amount to 3.279 billion bushels, according to analysts.
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