Thursday saw soybean futures drop in value following smaller than expected supplies forecast by the U.S. Department of Agriculture prompted the largest one-session gain in nearly 14 days on Wednesday, according to Reuters.
But the legume pushed ahead in value after the U.S. Federal Reserve announced it plans to embark on a third round of quantitative easing to confront the unemployment rate in the country. The Fed also plans to preserve low interest rates through at least the middle of 2015.
"This morning, the beans are pulling back just a little with traders taking some profits after the big run-up" on Wednesday, partner Tomm Pfitzenmaier with Summit Commodity Brokerage told the news source.
At 2:39 p.m. on Thursday, soybean futures edged down .01 percent, a 0.0025 cent loss to $17.455 per bushel.
MarketWatch reports the U.S. Department of Agriculture on Wednesday projected the production of soybeans would amount to 2.63 billion bushels, a 2 percent reduction from last month's forecast. Should that harvest be accurate, soybean production this year would fall 14 percent as compared to last year's harvest.
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