News Summary: High crop yields push soybeans lower

AP News
|
Posted: Sep 17, 2012 5:42 PM
News Summary: High crop yields push soybeans lower

SOYBEANS CROPS: Soybean prices fell sharply after early reports of crop yields came in far stronger than analysts and investors were expecting. Jason Ward, analyst with Northstar Commodity in Minneapolis, says there's more room for prices to go down.

BIG DROPS: Soybeans plunged 70 cents to settle at $16.69 a bushel. Wheat lost 46.25 cents to settle at $8.78 a bushel and corn fell 34 cents to $7.48 per bushel.

OIL PLUNGE: Oil plunged suddenly Monday afternoon, erasing the gains made last week. Benchmark crude fell $2.38 to $96.62. The percentage decline of 2.4 percent was the worst since July 23.