Investing.com - U.S. soybean and corn futures traded at the lowest level in four years on Thursday, as investors looked ahead to the U.S. Department of Agriculture’s closely-watched monthly crop supply and demand report due later in the day.
On the Chicago Mercantile Exchange, U.S. soybeans for November delivery fell to a daily low of $9.8625 a bushel, a level not seen since July 2010, amid ongoing indications this year's crop would be by far the largest in history.
Prices recovered to last trade at $9.8888 during U.S. morning hours, down 4.12 cents, or 0.42%.
A day earlier, the November soy contract tacked on 1.0 cent, or 0.1%, to end at $9.9360 a bushel.
According to market analysts, the USDA was expected to say that this fall's U.S. harvest will reach an all-time high of 3.89 billion bushels, up from a previous estimate of 3.82 billion bushels in August.
Meanwhile, U.S. corn for December delivery slumped 1.38 cents, or 0.4%, to trade at $3.4363 a bushel.
The December corn contract fell to $3.4300 on Wednesday, the lowest since June 2010, before settling at $3.4560, up 1.4 cents, or 0.44%.
The USDA was expected to raise its U.S. production estimate to a record-high of 14.27 billion bushels from a previous estimate of 14.03 billion bushels.
Elsewhere on the CBOT, U.S. wheat for December delivery slumped to a session low of $5.1563 a bushel, the weakest level since July 2010.
Prices were last at $5.1663, down 2.98 cents, or 0.57%.
A day earlier, wheat futures lost 7.6 cents, or 1.47%, to end at $5.1960 a bushel.
The USDA is expected to raise its forecast for global wheat ending stocks in 2014/15 to 193.75 million tons, up from the last estimate of 192.96 million tons in August.
Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.