Soybean Futures Head Lower For First Time In Seven Sessions

By Myra P. SaefongMarketsMarketWatch Pulse

Soybean futures fell Monday, poised to end a six-session streak of gains, after the U.S. Department of Agriculture raised its monthly estimates on U.S. soybean production and ending stocks for the 2016/2017 crop year. The USDA projected soybean production at a record 4.201 billion bushels, up 141 million bushels from the previous estimate. It also said it expects stocks to end the year at 365 million bushels, up 35 million from the previous estimate. November soybeans traded at $9.64 a bushel in Chicago, down 1.7%, after posting gains over the last six sessions.

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