USA: Chicago soybean futures fell Friday but were set for their first weekly gain since August

Chicago soybean futures fell on Friday but were set for their first weekly gain since August after the US government cut its US production forecast by more than analysts had expected. Corn and wheat also fell. Both products were expected to end the week with minor changes. The most active soybean contract on the Chicago Board of Trade (CBOT) was down 0.2% overnight GMT at $12.87-1/4 a bushel, but up 1.7% from last Friday's close. Corn fell 0.2% to $4.95 a bushel and wheat fell 0.1% to $5.71 a bushel. The U.S. Department of Agriculture (USDA) forecast the U.S. soybean crop at 4.104 billion bushels in its monthly report Thursday, 42 million bushels less than forecast in September and 30 million bushels below analysts' average. The USDA also forecasts soybean yields to decline and ending soybean inventories to remain at September levels. For corn, the USDA forecast a harvest of 15.064 billion bushels, 37 million bushels below analysts' expectations. The U.S. soybean and corn crops ...