Soybean Prices Set For Lowest Finish In About a Year After USDA Report

Soybean futures fell Tuesday, poised for their lowest settlement in about a year after the U.S. Department of Agriculture raised its forecast for Brazilian soybean production for the 2016/2017 crop year. The USDA projects Brazilian output at 111 million metric tons, up from its previous forecast for 108 million metric tons. "Soybeans were under pressure heading into the report, and extended losses following" it, said Darin Newsom, senior analyst at DTN. He also said the USDA raised its forecast for Brazilian corn production, pressuring prices for corn. "Wheat is down because ... there is too much of it domestically and globally," said Newsom. May soybeans fell 0.8% to $9.34 a bushel in Chicago, with prices set for their lowest finish since April of last year. May corn was at $3.65 a bushel, down 0.6%. May wheat fell 0.4% to $4.27 a bushel.