Soybean prices dropped 2.3 percent Friday after the government predicted a hefty jump in stockpiles and weaker export demand.

The U.S. Agriculture Department report also forecast bigger inventories of wheat and corn, which sent prices for both crops lower.

Soybean inventories were forecast at 230 million bushels by the end of next summer's season. That's an 18 percent increase from the agency's November forecast. U.S. farmers are expected to face more competition from other countries and a slower pace of shipments, the agency said.

Read More: Ledger-Enquirer

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