(Bloomberg) – Soybeans declined for a second day as the harvest advances in Brazil, poised to be the largest grower this year, boosting supplies available for shipment.
The oilseed for May delivery slipped as much as 0.7 percent to $14.59 a bushel on the Chicago Board of Trade, and was at $14.6375 at 11:02 a.m. in Singapore.
About 10.5 million metric tons of beans and products are scheduled for shipment on vessels berthed, arrived or expected at major ports in Brazil as of March 12, from 10.27 million tons a week earlier, according to SA Commodities and Unimar Agenciamentos Maritimos. About 48 percent of the crop was harvested as of March 8, researcher Safras & Mercado said.
“Reports that Brazilian soybean harvest continues to surge ahead and that supplies are making their way through to the port onto waiting ships, weighed on prices,” Luke Mathews, a commodity strategist at Commonwealth Bank of Australia, wrote in a report today.
Corn for May was little changed at $7.135 a bushel in Chicago. That put soybeans at 2.05 times the cost of corn, compared with an average of 2.43 times over the past decade. Wheat for May delivery was little changed at $7.0375 a bushel.
