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Soybean futures near five-month low on global oversupply
Soybean futures fell on Monday to near a five-month low hit on Friday, ahead of the official trading session in the Chicago Mercantile Exchange, marking the third daily decline in a row amid a global market oversupply while demand weakens.
As of 12:45 GMT, soybean May futures fell to $973 a bushel from the opening of $976, with an intraday high at $978, and a low at $972.
Soybean futures lost 1.6% on Friday, the second daily loss in a row, hitting a five-month trough at $972, on global oversupply pressures.
The markets are flooded by strong harvests in South America, specially in Argentina, while analysts expect higher quantities from the U.S. as well, a world agriculture leader, as wide swatches of lands get considered for farming and crops.
Buenos Aires Exchange raised its expectations for soybean harvest in 2016/2017 to 56.5 million tonnes in Argentine, compared to 54.8 million in previous forecasts.
In the U.S., the Agriculture ministry is expected to confirm at the end of the week that U.S. farmers used up about 88.2 million acres of land this year for soybean harvests.
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