U.S. Losing Ground as Biggest Producer of Corn and Soybeans
By Amanda Brodhagen, Farms.com
Soybeans fell to its lowest numbers since June, primarily based on speculation that improving crops in South America will slow the demand for supplies for the U.S. Similarly, U.S. corn will be marking its longest weekly slump since Sept 2011.
It’s expected that upwards of 3 inches of rain will fall over the next week, which will likely produce favorable conditions for both corn and soybeans in Brazil. In general, South America weather is looking favorable, especially for the bigger crops. This may signal a shift from U.S. being the biggest supplier of corn and soybeans to farmers oversees who are producing more.
Soybean futures for March delivery dropped 1.4 percent to $13.6675 a bushel. Corn futures for March delivery fell 0.3 percent to $6.8725 a bushel.