Soybean Decline on Concern of Increasing Bean Acreage
Soybean declined on Monday after a report from the U.S. Department of Agriculture (USDA) showed that U.S. farmers will plant more soybean and wheat crops this year as the bean prices continue increasing.
Soybean for May delivery dropped by 5.5 percent, or 70 cents, to $11.9725 a bushel on the Chicago Board of Trade.
Soybean prices increased to $15.8625 on March 3 and more than doubled last year after famers planted few acres of the bean.
Corn for May delivery increased by 1.6 percent, or 9.25 cents, at $5.6975 a bushel after increasing by 53 percent last year.
Farmers who planted a lot of corn in the past two years were forecasted to plant more soybeans this season as they prevent disease and pest infestation.
The USDA forecasted that the U.S. will be the largest producer and exporter of corn and soybeans in the marketing year that ends Aug. 31.
Spring wheat acres were forecasted to increase by 7.8 percent from last year to 14.333 million after the price of the grain more than doubled on exchanges in Chicago, Minneapolis, Kansas City and Missouri.
Cotton for May delivery decreased by 3.1 percent, or 2.23 cents, to 69.45 cents a pound on ICE Futures U.S., formerly the New York Board of trade.
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