(Bloomberg) -- Soybean futures extended declines below $10 a bushel to trade at the lowest in almost four years as the US forecast a record harvest.
The current season is expected to produce 124.9 million tons, according to the US Department of Agriculture, which said 68% of the crop was in good to excellent condition last week, better than a year earlier. Forecasts for an abundant crop have dragged prices lower in recent weeks.
Soybeans fell for a sixth day Tuesday, losing as much as 1.8%, while soymeal and soyoil also dropped.
“Unfortunately for the bull camp, until something major changes, rallies are likely to be anemic,” analysts at the Hightower Report said in a note. Demand for US soybeans remains lackluster despite recent Chinese purchases, they said.
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