Soybean prices sink near 4-year low after government report projects record harvest

Soybean contracts are settling at their lowest price in nearly four years after a government report bolstered expectations for ample supplies.

In a report Friday, the U.S. Department of Agriculture estimates that this season's soybean harvest could reach a record 3.8 billion bushels. That's 165 million bushels higher than its estimate last month.

Soybeans sank 18 cents, or 1.6 percent, to $10.75 a bushel. That's the lowest settlement price for soybeans since October 2010, according to the data provider FactSet.

The USDA's report also projected big harvests and stockpiles of corn and wheat.

Corn slipped 8 cents, or 2 percent, to $3.85 a bushel, while wheat lost 23 cents, or 4.1 percent, to $5.26 a bushel.

In precious-metals trading, gold and silver fell as worries over Europe's banking system eased.