Soybean futures prices
U.S. soybean futures plunged to their lowest close in almost four months, as the huge South American soybean harvest will increase supply in the midst of weak soybean demand. Secondary reasons for the drop in price was some profit taking on the part of agricultural investors.
March soybeans closed down 4-1/4 cents at $9.09-3/4 a bushel, making it the lowest CBOT close since early October.
In January, soybean futures also took a hammering, dropping by 12 percent for the month.
While corn and wheat were up slightly for the day, it's highly unlikely that is anything but an anomaly, as large harvests guarantee prices will be pressured down for some time to come.
Understanding the potential for food shortages has had many countries around the world increasing their soybean, wheat and corn production, creating grain gluts around the world, although China's desire and willingness to build up food reserves they can't solely provide has had a small effect on having a little support under the sector.
Other than that, things will be tough for soybeans and other grains for some time.
Soybean futures prices
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