Soybean futures plumb five-month low as U.S. farmland expected to expand

Soybean futures fell on Thursday for the seventh session in a row, setting a five-month trough, amid global oversupply concerns, and as U.S. soybean farmland is expected to expand this year, while yield from Argentine, the world's third largest grain producer, is forecast to rise, as demand weakens from China, the world's largest grain consumer. 

As of 13:05 GMT, soybean May futures fell to $9.65 a bushel from the opening of $9.69, with an intraday high at $9.70, and a low at $9.63, the lowest since October 17, 2016. 

Soybean prices lost 0.1% yesterday, the sixth daily loss in a row, amid concerns about global oversupply. 

The U.S. agriculture ministry's report tomorrow is expected to show the farmland dedicated for soybean crops increased to 88.2 million acres in 2017, a record high, as the U.S. produces about 35% of the global soybean output. 

Buenos Aires' exchange raised its forecasts for soybean yield in the year 2016/2017 in Argentine to 56.5 million tonnes from 54.8 million in previous forecasts.