Soybeans fell the most in three weeks as the highest prices this year prompted U.S. farmers to boost sales and processors offered smaller premiums for deliveries. Wheat futures also slid while corn rose.
CME Group Inc., owner of the world’s largest grain market, is set to cut trading hours next week as the exchange backs off expanded access that customers complained was too long and eroded market liquidity.
Soybean prices may rise this year because U.S. farmers plant less and demand for animal feed and cooking oils made from the oilseed will increase, said Richard Feltes , vice president of research for R.J. O’Brien & Associates LLC.
Prices for the two biggest U.S. crops will fall this year on record corn and soybean production, easing food inflation while providing less cash for growers recovering from drought, the government said.
IntercontinentalExchange Inc., the second-largest U.S. futures market, is adding agricultural contracts to draw trading from speculators betting on price swings linked to changes in U.S. government crop estimates.