date:Aug 14, 2012
re on Friday cut its forecast for soybean crops 12% to 2.692 billion bushels from their July estimate, using a yield of 36.1 bushels an acre.
Chicago Board of Trade August ended down 53 1/4 cents, or 3%, at $16.56 1/4, and November soybeans settled down 43 cents, or 2.6%, at $16.00 3/4 a bushel.
Generalized profit-taking across grain commodities added to the lower-price theme, said Sterling Smith, futures specialist with Citigroup Global Markets Inc. in Chicago.
Traders that bet on prices rising