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Soybeans plunge; crop yields are surprisingly high

By The Associated Press
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Soybean prices closed sharply lower Monday after early reports of crop yields from Midwestern states came in far better than the market expected.

Soybeans for November delivery plunged 70 cents to settle at $16.69 a bushel. Other crop prices also fell. December wheat lost 46.25 cents to settle at $8.78 a bushel. December corn fell 34 cents to $7.48 per bushel.

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