Soybeans fell to their lowest point since July 2010 as China delays the approval for import of two genetically modified soybean traits and U.S. farmers begin to harvest a bumper crop. Soybean prices have already fallen 30% this year on expectations of high global supplies. The two genetically modified traits in question, which are not grown on a commercial scale in the U.S., have not been declined outright by Beijing but are classified as ‘pending’ due to ‘emotional reasons’ according to Jim Sutter, chief executive officer of the U.S. Soybean Export Council. U.S. soybean yields will reach 46.6 bushels per acre – up from a previous estimate of 45.4 bushels per acre according to the U.S. Department of Agriculture. Total U.S. soybean production is forecast to reach 3.913 billion bushels this season.
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