Soybean prices are closing sharply lower after early reports of crop yields from Midwestern states came in far better than the market had expected.
Soybeans for November delivery plunged 70 cents to settle at $16.69 a bushel Monday. Other crop prices also fell. December wheat lost 46.25 cents to settle at $8.78 a bushel. December corn fell 34 cents to $7.48 per bushel.
Cooler weather and rains in August helped U.S. soybean crops far more than had been anticipated, after a record-setting hot July severely damaged corn crops. Jason Ward, analyst with Northstar Commodity, says farmers are "pleasantly surprised" to see how well the early soybean crop yields are coming in.
Crude oil ended sharply lower after an afternoon plunge. Other energy products and metals also ended lower.