Soybean futures continued crashing on Tuesday as the agricultural commodity is trading at its lowest level since the onset of the coronavirus pandemic. Soybean prices have slumped on US government forecasts of a larger US supply build in the coming months.

September soybean futures tumbled $0.205, or 2.08%, to $9.655 per bushel at 17:28 GMT on Tuesday on the Chicago Board of Trade (CBoT). Soybean prices have declined nearly 26% year-to-date.

The US Department of Agriculture (USDA) released its WASDE outlook. It projected that farmers would produce a harvest of 4.589 billion bushels. This is up 2.6% from the Bloomberg estimate. Additionally, US soy planted acres increased by one million amid ample rainfall and moderate temperatures this summer.

The domestic supply outlook surprised investors, forcing traders to shift their attention to demand.

USDA researchers noted that US export sales of soybeans to China totaled 132,000 metric tons. China is the world’s largest soybean importer. However, last week, the USDA data showed that Chinese purchases of US soybeans for the upcoming shipping season that starts on Sept. 1 were down 85% from the previous year.

Soybean was not the only crop to slump. Corn prices have also been sliding after the USDA reported that corn output will exceed 15.1 billion bushels this season, potentially offsetting inventories that were 10 million bushels lower for the 2024-2025 marketing season.

Another concern in the soybean market is the US dollar-Brazilian real.

“Part of the concern with US soybeans is due to this strong US dollar/weak Brazilian real issue. The real has depreciated 15% against the dollar since the start of the year,” said Rich Nelson, the chief strategist at Allendale Inc., on X.

Here is a breakdown of other agricultural commodities: September corn futures tumbled $0.035, or 0.87%, to $3.98 per bushel. September wheat futures declined $0.0525, or 0.98%, to $5.315 a bushel. September cocoa futures surged $131.00, or 1.48%, to $8,993 per metric ton. September coffee futures were little changed at $2.32 per pound.