Soybeans traded lower on Wednesday after a U.S. government report showed the conditions of the crop have continued to improve. November soybeans were down 0.5 percent to $10.27 a bushel after Tuesday's gains of 0.8 percent, reports Reuters. According to the new report, soybean conditions were 72 percent good-to-excellent, which is an increase from last week's 70 percent and 54 percent last year.
According to the U.S. Department of Agriculture, the U.S. will see a record-breaking high during this fall's harvest of 3.82 billion bushels, reports Investing.
Kaname Gokon, general manager of research at brokerage Okato Shoji in Tokyo said, "The grain market is in bearish trend after the Labor day break, as the early harvest in the United States is showing good yields," according to Reuters.
Meanwhile, the reports also rated U.S. corn 74 percent good-to-excellent, a slight improvement from 73 percent a week ago and 56 percent at this time of last year, according to the U.S. Department of Agriculture.
On the CBOT, U.S. wheat for December delivery slid 1.35 percent, or 7.53 cents, to trade at $5.4788 a bushel as a result of reports that Ukraine and Russia had agreed upon a cease fire in eastern Ukraine.
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