(Bloomberg) -- Soybean futures in Chicago fell for
the first day in seven after reaching a three-year high as some
investors bet recent gains were overdone and a government
forecast showed a lower-than-expected drop in U.S. inventories.
Reserve supplies before next year's harvest will fall to
245 million bushels from 320 million forecast a month ago, the
U.S. Department of Agriculture said yesterday in a report. The
average expectation of 14 analysts in a Bloomberg survey was for
224 million. The surplus on Aug. 31 of this year is estimated at
600 million bushels.
Read more at Bloomberg Commodities News
the first day in seven after reaching a three-year high as some
investors bet recent gains were overdone and a government
forecast showed a lower-than-expected drop in U.S. inventories.
Reserve supplies before next year's harvest will fall to
245 million bushels from 320 million forecast a month ago, the
U.S. Department of Agriculture said yesterday in a report. The
average expectation of 14 analysts in a Bloomberg survey was for
224 million. The surplus on Aug. 31 of this year is estimated at
600 million bushels.
Read more at Bloomberg Commodities News
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