2014.07.2203:31:28UTC+00Decades best crop means more declines for soybeans and corn

Decades best crop means more declines for soybeans and corn

Soybean prices are on track for a fourth straight losing day behind government data that showed crop quality last week was at its highest in two decades.

Futures for the commodity with a delivery date in August shed off as much as 0.5% today to fall to $10.665 per bushel and was trading at $10.6875 late morning Singapore time at the Chicago Board of Trade. Soybeans had previously reached its lowest since October 2010 of $10.65 per bushel on July 11th.

According to data from the US Department of Agriculture, 73% of the soybean crops in the Midwest was in good or excellent condition as of July 20th. Favorable temperature in the country’s planting regions for corn and soybeans have caused the former to fall by 17% in the past year. Paul Deane, an analyst from the Australia and New Zealand Banking Group, says that, “Not only are both crops in good condition but also stable, indicating little crop stress.”

Production of soybeans in the US is expected to be at a record high come September next year and cement the country’s status as its top producer.

Corn futures in December entered a bear market near the beginning of July and fell yesterday to the lowest among most active contracts in four years of $3.705 per bushel. 76% of its current crop was rated as good or excellent, the most for this period in a decade.