(Bloomberg) -- Soybean futures fell as the fast pace of the harvest in the US overshadowed concerns over dry weather in South America.
The oilseed futures dropped as much as 1.2%, the most in more than a week, as the US harvest — expected to be a record — is advancing faster than last year, according to US Department of Agriculture data.
Soybean prices have traded within a narrow range this month as prospects for a bumper crop in the US are tempered by concerns over poor weather in Brazil.
The harvest should move pretty fast over the next 30 days, with larger stocks from last year colliding with record US production, said Ben Buckner, chief grains analyst for AgResource Co.
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