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...