Soybeans Fall as Harvest Pressure and Demand Concerns Mount

Soybean prices went down in the market on Thursday.

Traders were worried that a large U.S. harvest would create a lot of new supplies.

Some investors also sold soybean contracts, adding to the decline.

Wet weather slowed harvesting, but it did not remove concerns about the size of the crop.

Traders also expected soybean processing in August to be weaker than previously estimated.

Wheat prices rose because Saudi Arabia announced a large buying tender and the U.S. crop was small.

Corn prices also rose slightly after traders bought contracts late in the session.

However, corn supplies in storage were much higher than expected.

The U.S. Department of Agriculture later reported that August soybean processing was below trade estimates.