Soybeans and corn both experienced losses on Tuesday as new reports indicate this year's harvest in the United States is gathering strength, potentially becoming the largest harvest ever.
Farmers harvested 65 percent of corn in main U.S. growing areas as of November 2, which is up from just 46 percent a week earlier, Bloomberg reported. At the same time, soybean harvests were 83 percent complete, increasing from last week's 70 percent. As a result, early predictions see the U.S. growing 14.783 billion bushels of corn and 4.033 billion bushels of soybeans.
As a result, futures for soybeans in January fell 1.3 percent, declining to $10.165 per bushel and extending a 1.9 percent drop from Monday, while corn futures for December dropped 1.4 percent to $3.6825 per bushel after an additional decline of 0.9 percent the day prior. This comes as both futures saw gains of at least 15 percent last month.
"More dryness across the Corn Belt and the plains allowed farmers to catch up on harvests and winter wheat planting last week," Morgan Stanley analysts told the news source in an emailed report. "Limited rain across the Corn Belt should allow for relatively rapid progress again this week."
December soybean futures are also declining, Agriculture.com reported. Soymeal futures are down $4 to hit $368.70, while oil futures are down 52 cents to reach $33.51.
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