Soybean, Corn Decline Amid Profit Taking, Brazil Estimates

Soybean and grain futures declined Thursday amid profit-taking and increased projections for crops in Brazil.

Soybeans rose 16¢ yesterday, corn added more than 8¢, and wheat gained 13¢. Investors who had bet on higher prices likely are selling contracts and booking profits, giving back some of Wednesday’s gains.

The Renewable Fuels Assocation and billionaire Carl Icahn on Tuesday reportedly presented a proposal to the White House that would potentially increase sales of ethanol while shifting the responsibility of blending away from refiners. The validity of that deal, however, is in question.

Icahn is the majority owner in a…