“About the only positive number we saw in the report was lower new-crop soybean acres,” Lawrence Kane, a market adviser at Stewart-Peterson Group in Yates City, Illinois, said in a telephone interview. “That was the only thing below average trade guess. There’s been a lot of things building against the soybean market, and the biggest thing that’s been building is the huge crop in South America.”
Soybean futures for May delivery tumbled 3.4% to close at $14.0475 a bushel on the CBOT, the biggest drop since Sept. 17.
March 1 wheat inventories totaled 1.234 billion bushels, up 2.9% from 1.199 billion a year earlier, according to the government. Analysts surveyed by Bloomberg expected 1.165 billion, on average.
Wheat futures for May delivery tumbled 6.7% to $6.875 a bushel on the CBOT, the biggest decline since September 2011.
Corn is the most valuable U.S. crop, followed by soybeans, hay and wheat, USDA data show.