July 8 (Bloomberg) -- Soybeans fell for a seventh straight session in Chicago, the longest slump in five years, as signs that U.S. crops are in good condition boosted prospects for a record harvest. Corn and wheat also declined.
Seventy-two percent of soybeans were rated good or excellent as of July 6, the best for this time of year since 1994, Department of Agriculture data show. Soybean and corn prices have tumbled since May on ample rains and government data showing larger-than-expected stockpiles. The USDA will update its supply and demand forecasts July 11 and may peg both crops at records, a Bloomberg News survey showed.
“The trade is moving into the mode of expecting not just record corn and soybean yields, but the possibility of bin- buster record yields that come along once in a while and blow all the other records away,” Arlan Suderman, a senior market analyst at Peoria, Illinois-based Water Street Solutions Inc., said in a telephone interview.
Soybean futures for November delivery declined 0.8 percent to close at $11.1625 a bushel on the Chicago Board of Trade, after touching $11.15, the lowest for a most-active contract since December 2011. The seven-day slump is the longest since February 2009.
Corn futures for December delivery dropped 0.5 percent to $4.0425 a bushel, after touching $4.0275, the lowest since August 2010. The commodity entered a bear market this month.
The USDA may raise its forecast for U.S. soybean production to 3.789 billion bushels, from 3.635 billion estimated last month, according to Bloomberg’s survey. The corn harvest may be 13.931 billion bushels, similar to last month’s estimate.
Wheat futures for delivery in September slipped 0.1 percent to $5.5625 a bushel, after touching $5.55, the lowest since Feb. 3.
--With assistance from Phoebe Sedgman in Melbourne.