Soybeans Hit 2-Month Low

Soybean futures edged down to around $12.5 per bushel, reaching their lowest level in eight weeks as investors trimmed bullish bets amid advancing US harvesting and mostly favorable weather forecasts for the Midwest. Scattered rains last week stalled fieldwork in parts of the Midwest, but drier weather was forecasted through the end of the week, allowing farmers to continue harvesting. US farmers harvested 64% of the soybean crop, below trade expectations, according to the US Department of Agriculture’s weekly crop progress report released this week. However, the harvest pressure continued to outweigh support from renewed Chinese demand. The USDA on Monday confirmed private sales totalling 114,000 metric tons of US soybeans to China, bringing the confirmed sales total to China to 1.472 million tons over the past four days.