Soybean prices reached their lowest point since 2010 on Tuesday after a report showed supplies will exceed expectations in the U.S., the world’s top grower.
U.S. farmers will harvest a record 3.82 billion bushels, up from the 3.8 billion the U.S. Department of Agriculture estimated in July, and domestic reserves before the start of the 2015 harvest will total 430 million bushels, up from this year’s projection of 140 million, the agency said.
Rain and milder weather created ideal growing conditions in the U.S., and prices fell 6.5 percent in July, a third straight monthly loss. Prices for soybean futures from November delivery touched $10.43, the lowest since October 2010.
Missouri ranks fourth among all states in acres of soybeans, with 5,250,275, according to USDA’s 2012 Census of Agriculture. That’s almost to 2 million acres more than the acreage devoted to the state’s second most land-intensive crop.