Set default values for a field from a node
Ahmed was close, but to take it all the way you need to fetch the field's value:

function MODULENAME_form_alter(&amp;$form, $form_state, $form_id) {  
  if ($form_id = 'YOUR_FORM_ID_HERE') {
    // Fetch node that has default value
    $node = node_load($nid);
    // Fetch the value from price field
    $node_wrapper = entity_metadata_wrapper('node', $node);
    $field_val = $node_wrapper-&gt;field_price-&gt;value();
    // Set fetched value as default
    $form['field_price'][LANGUAGE_NONE][0]["value"]['#default_value'] = $field_val;
  }
}



I am itching for a clean way to avoid having ['und'][0] in there,  as these values can change with localisation, but this would still work.