USDA Crop Report: Soybean Prices Tumble
US - November 2012 soybean futures reached a high of $17.89 on September 4, but have declined sharply since then. The USDA's September 12 Crop Production report containing a smaller yield and production forecast provided some brief support, but that contract has traded under $16 and is currently about $1.90 below the high. Basis levels have also weakened over the past three weeks. The average cash bid in central Illinois, for example, was $0.03 over November futures on September 4 and $0.13 under on September 21.
25 September 2012
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