The U.S. soybean crop, already widely expected to break previous records, will be even bigger than thought, according the latest government forecast.
Yields this season will reach a record 50.6 bushels per acre, the U.S. Department of Agriculture said Monday. That exceeded all the estimates in a Bloomberg survey and will push production to an all-time high. Soybean futures in Chicago fell the most in two weeks after the agency released its report in Washington.
Prices “should be under pressure on the idea that we’ve got to move a lot of beans in the next few months,” said Ted Seifried, chief market strategist at Zaner Group LLC in Chicago.
Missouri could feel the price fluctuations more acutely than most states. The state ranked eighth in the country for 2015 soybean production, and the average annual value of Missouri soybean production between 2010 and 2014 exceeded $2.4 billion.
Read more: Bloomberg