Soybeans drop as estimates for Brazil's crop surge

AP News
Posted: Feb 08, 2013 5:07 PM

Soybean prices are settling lower following higher estimates for Brazil's crop.

The March contract for soybeans ended at $14.525 a bushel Friday, down 34.25 cents or 2.3 percent.

Higher production estimates for the South American crop, which is just beginning to be harvested, were a main factor behind the decline, said Brandon Marshall, a commodity adviser with Northstar Commodity in Minneapolis.

With about 10 percent of the crop harvested, yields are coming in higher than previously expected, Marshall said. That's leading traders to anticipate that big consumers of soybeans like China may pick up more beans from South American producers instead of buying beans grown in the U.S.

Wheat ended little changed and corn fell slightly. Metals and energy contracts were mixed.