Soybean futures hold ground at a more than 2-week low after USDA reports
Soybean prices edged lower on Friday, holding ground at their lowest levels in more than two weeks. The U.S. Department of Agriculture cut Chinese soybean demand for the current year by 3.5 million metric tons, "which is believed to be the first of many more cuts," Arlan Suderman, chief commodities economist at INTL FCStone, told MarketWatch. "We will likely see more cuts in Brazil's production of soybeans, but those are expected to be at least partially offset by increases in Argentine production." The USDA said it lowered its Brazil production forecast by 5 million tons to 117 million "due to dryness in parts of the South and Center-West regions." March soybeans traded at $9.12 1/2 a bushel, down 7 1/2 cents. It's poised for its lowest finish since Jan. 22, according to FactSet data. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.