Goldman Lowers Soybean Price Forecast 12% on Higher U.S. Output
This article is for subscribers only.
Goldman Sachs Group Inc. cut its soybean price forecast by 12 percent after the U.S. government raised its domestic crop estimate, boosting global supply.
Soybeans tumbled as much as 1.9 percent to $14.235 a bushel on the Chicago Board of Trade, the lowest level in more than four months, after the U.S. Department of Agriculture increased its estimate for global stockpiles by 4.3 percent from a month earlier. Higher yields in the U.S. are set to boost production by 3 million metric tons, it said.