May 25, 2013
Soybeans hit 3-month low on harvest pressure, good yields
US soybean futures fell for a second straight day on Tuesday, sliding nearly 2 percent to a three-month low as the record-fast US harvest and better-than-expected yields weighed down prices along with spillover pressure from plunging palm oil prices.
Soybeans had pared early session lows as the steepest two-day drop in two weeks triggered light commercial buying and short-covering, but the market settled near session lows.
Corn prices were mixed as pressure from a rapid harvest and spillover from lower soybeans was offset by thin stocks and slightly improved demand after the recent drop in prices.
Wheat fell for the sixth time in seven sessions, slumping along with soybeans and on forecasts for rain in the drought-parched US Plains, which was expected to boost winter wheat planting.