CHICAGO: US soybean futures dropped 1.6 percent to their lowest level in more than five months on pressure from rising forecasts for already-robust South American harvests, traders said.
Weakness in the cash market and rising expectations for U.S. soy plantings this spring added pressure to soybeans. Soybean spot basis bids fell by 5 cents per bushel at a closely watched processor in Decatur, Illinois. Cash bids for soybeans were steady to lower at other processors and elevators around the U.S. Midwest.
Chicago Board of Trade May soybean futures settled down 15-1/4 cents at $9.75-3/4 a bushel.
The most-active contract, which bottomed out at its lowest level since Oct. 19, fell 2.5 percent this week.
"Brazilian farmer selling of harvested beans heavy, and yields reported as better than expected," Don Phelan of CHS Hedging said in a note to clients.
The Buenos Aires Grains Exchange on Thursday afternoon raised its outlook for Argentina´s 2016/17 soy crop to 56.5 million tons from 54.8 million previously, the latest of a series of upgrades to forecasts for harvests in South America.
The prospect of huge South American soybean crops arriving on export markets took the shine off higher-than-expected weekly U.S. export sales reported on Thursday.
"Investors are thinking: how much longer can that last? Big South American crops are now arriving onto the market," said Tobin Gorey, director of agricultural strategy at Commonwealth Bank of Australia.
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