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Soybeans declined on Thursday amid speculations that harvests for March and April in Brazil and Argentine may reduce demand for U.S. exports.

Soybean futures for May delivery declined by 3 percent, or 44.5 cents, to $14.64 a bushel on the Chicago Board of Trade.

Soybean futures more than doubled last year and increased as high as $15.8625 on March 3 after U.S. farmers planted few acres.

Soybean harvests from Brazil, the second largest bean producer, were forecasted to be 59.6 million metric tons this year.

Argentine, the third-largest soybean producer was forecasted to harvest 48 million tons.

According to the U.S. Department of Agriculture, soybean sales declined by 65 percent to 202,700 metric tons for the week that ended Feb. 28.

Soybean had posted gains but dropped as much as 1.8 percent to $15.35 after gold, copper and crude oil posted declines.