Soybeans fall as Brazil pours supply into market

Chicago soybean futures fell on Thursday and hovered just above three-year lows as the ongoing harvest in top producer Brazil poured cheap beans into an already well-supplied market. Corn futures rose — their fifth straight daily gain from a three-year low last week — but analysts say this is largely due to short-covering by speculative investors and plentiful supply will continue to pressure prices. Wheat also moved higher despite forecasts for large Russian production that are keeping a lid on gains. The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 was down 0.4% at $11.40-3/4 a bushel by 0527 GMT after dropping to $11.34 on Monday and Wednesday, the lowest since November 2020. “Supplies coming out of South America are pressuring the market,” said Andrew Whitelaw at agricultural consultants Episode 3. “We expect a continued bearish environment.” Industry association Abiove cut its estimate for Brazil’s 2024 soybean output for the second time this month to ...