Soybean prices fall sharply on crop forecast

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Associated Press

Posted on November 9, 2012 at 3:00 PM

Updated Friday, Nov 9 at 3:02 PM

Soybean prices are ending lower after the U.S. government increased its estimate of how big the crop would be.

Soybeans for January delivery fell 44.5 cents to settle at $14.5125 a bushel Friday. That's a loss of 3 percent. Corn and wheat futures also fell, but not as much.

The declines came after the Agriculture Department predicted that soybean production would increase.

The USDA now expects national soybean production to hit 2.97 billion bushels, 4 percent higher than the October forecast. The crop yield is now expected to average 39.3 bushels an acre, up 1.5 bushels per acre.

In other commodities trading, energy prices mostly rose, except for natural gas. Metals prices ended mixed.

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