In its crop production re­­port last week, the U.S. Department of Agriculture (USDA) forecast a record soybean crop and lower prices.

U.S. soybean production is projected at a record 4.2 billion bushels, up 141 million bushels due to improved yield prospects, the USDA said.

Based on Sept. 1 conditions, yields are expected to average a record 50.6 bushels per acre, up 1.7 bushels from last month and up 2.6 bushels from last year, the report said.

Iowa soybean production is forecast at 560 million bushels, the USDA reported. That’s up from 554 billion bushels in 2015, the report said. Iowa’s yield forecast is a record high 58 bushels per acre, 1.5 bushels more than the previous record set last year.

"This is a brand new record, higher than any...