Soybean futures fell to a six-year low after the U.S. government unexpectedly raised its estimate for domestic production.
U.S. output this year was forecast at 3.935 billion bushels, the U.S. Department of Agriculture said Friday in a report. Analysts expected the USDA to cut the estimate to 3.841 billion. In August, the government projected 3.916 billion.
Soybean futures for November delivery fell 1.2 percent to $8.635 a bushel at 11:08 a.m. on the Chicago Board of Trade. Earlier, the price touched $8.5325 the lowest for a most-active contract since March 2009.