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Soybeans are getting whacked after USDA boosts production outlook

Soybean farmer Illinois

Soybean futures fell Friday after the US Department of Agriculture boosted its outlook for harvests. 

Prices fell 2.5% to $8.65 a bushel at 12:45 p.m. ET. 

USDA expects global ending stocks at 105.9 million tons through 2019, above the 99.5 million ton estimate in a Bloomberg survey. Inventories stood at 95.6 million tons in the past season and 98.3 million tons in previous report.

Soybean prices have been under pressure amid an ongoing trade war between the US and China, the world's largest soy importer. The countries have imposed tariffs on roughly $50 billion worth of goods each and threatened to slap additional duties on nearly all products they trade. 

The US tariffs against China include a 25% import tax on soybeans, making American soybeans more expensive for one of its biggest customers. China has since been trying to reduce domestic reliance on American soybeans by lowering trade barriers with other exporters of the legume.

Soybean prices are down 4.6% year-over-year. 

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SEE ALSO: China's communist leaders reportedly starting to buckle under pressure of Trump's trade war

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