Soybeans declined from the highest closing level in more than four weeks on signs demand for the U.S. crop may be waning as farmers accelerate harvesting in Brazil, poised to be the largest exporter this year.
The oilseed for May delivery lost as much as 0.7 percent to $14.69 a bushel on the Chicago Board of Trade and was at $14.7075 by 10:12 a.m. Singapore time. The trading volume was 33 percent less than the 100-day average for that time of day. Futures closed at $14.795 a bushel yesterday, the highest settlement since Feb. 7.
Soybeans inspected before shipment at U.S. ports fell 58 percent to 17 million bushels in the week ended March 7, from a week earlier, according to the U.S. Department of Agriculture. In Brazil, farmers have collected about 48 percent of the crop as of March 8, compared with 46 percent a year earlier, researcher Safras & Mercado said in a report yesterday.
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