Soybeans are trading at 2 weeks lows this morning

The soybean futures in Chicago are sinking this morning to their lowest level in nearly two weeks due to expectations of a large soybean harvest in the United States and weak demand from China. The weather conditions in August were optimal for the soybeans and the number of beans per pod was significantly higher than last year. That promises a big harvest, according to an India-based commodity analyst. Today at 18:00, the US Department of Agriculture releases the monthly WASDE report. Analysts expect the forecast of soybean production to be raised. Brazil's CONAB yesterday raised its estimate of Brazilian soybean exports by two million tonnes and lowered its final stock estimate to just 434,000 tonnes. Institutional investors yesterday sold 8,000 lots of CBoT soybeans.
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