March 13 (Bloomberg) -- Soybeans dropped the most in more than two weeks as demand for supplies from the U.S. declines and the harvest advances in Brazil, set to be the world’s largest grower this year. Corn also fell.
About 17.1 million bushels of soybeans were inspected for export in the week through March 7, down 58 percent from the prior seven days and the lowest since September, U.S. Department of Agriculture data show. In Brazil, 48 percent of the crop was harvested as of March 8, researcher Safras & Mercado said. The country may harvest a record crop of 83.5 million tons this year, according to the USDA.
"We’ve had a pretty good slowdown in exports," Larry Glenn, an analyst at Frontier Ag in Quinter, Kansas, said in a telephone interview. "We knew the time would come when the South American beans would hit the ports and we’d start slowing down, and that’s where we’re at now."
Soybean futures for May delivery fell 1.6 percent to $14.45 a bushel at 10:38 a.m. on the Chicago Board of Trade, heading for the biggest decline since Feb. 22.
About 10.5 million metric tons of soybeans and products were scheduled for shipment at major ports in Brazil as of yesterday, up from 10.27 million a week earlier, according to SA Commodities and Unimar Agenciamentos Maritimos. Ships are waiting as many as 60 days to load the oilseed, Hamburg-based researcher Oil World said.
Corn futures for May delivery slumped 1.3 percent to $7.0525 a bushel in Chicago, heading for the first drop in five sessions. The price gained 2.3 percent this year through yesterday.
Wheat futures for May delivery declined 0.4 percent to $7.01 a bushel on the CBOT.
--With assistance from Daniel Grillo in Sao Paulo, Luzi Ann Javier in Singapore and Whitney McFerron in London. Editors: Millie Munshi, Thomas Galatola
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