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Soybean futures drop

Soybean futures fell almost five percent Friday after the USDA raised its soybean production estimate to 4.6 billion bushels.

Ending stocks are projected at 785 million bushels, and USDA Chief Economist Rob Johansson says that will negatively impact prices…

“The price expectation going forward for this year’s crop is $8.90 at the midpoint,” he says.

That’s less than what was projected last month and less than last season.

The USDA released its first field-survey based corn and soybean production estimates for 2018 on Friday.

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