Soybeans Reach Three Month Low During Fall Harvest

Soybeans have hit the market at breakneck speed as the harvest hurries along, fueling a decline in prices which has not been lower in over three months. The price for November’s soybeans dropped almost 30 cents reaching Tuesday’s price of $15.305 per bushel. July 12 was the most recent lower price.

The end of August saw a record high price of $17.7025 per bushel in the wake of worry that the summer’s drought was going to adversely affect the crop. The worry seems ill-placed as early harvest reports show that quantities of soybean are better than what was expected, and the overall demand has held up strong.

According to the US Department of Agriculture 41 percent of the soybean crop has already been harvested as of Sunday, compared with closer to 20 percent during the previous four years.

A Citi futures specialist, Sterling Smith, said that exports sales of soybeans have been slower than expected due to holidays in China that kept the markets there closed.

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