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CBOT soybeans edge lower as corn weakness offsets strong exports

soya-beanCHICAGO: Nearby soybean futures on the Chicago Board of Trade edged lower on Thursday as spillover weakness from corn and positioning ahead of a monthly US government crop report offset support from strong weekly soybean export sales, traders said.


* Nearby soybean and soymeal contracts gained against back months on spreads, supported by larger-than-expected weekly export sales of old-crop soybeans and soymeal.


* Market pressured by expectations of a massive Brazilian soy harvest. Brazil's government supply agency, Conab, raised its estimate of the country's soybean crop to a record 83.4 million tonnes, from 82.7 million in January.


* Argentina's 2012/13 soy harvest is seen at 50 million tonnes, below some initial expectations due to dry weather, the Buenos Aires Grains Exchange said in its first output forecast. The figure is below USDA's current Argentina forecast of 54 million tonnes.


* USDA reported export sales of US soybeans in the latest week at 1.667 million tonnes, above a range of trade estimates for 900,000 to 1.3 million. The figure included 896,100 tonnes of old-crop sales, also above expectations.


* USDA reported weekly soymeal sales at 196,300 tonnes, above estimates for 75,000 to 175,000, and soyoil sales at 25,600 tonnes, within expectations for 10,000 to 30,000 tonnes.


* Trade expects USDA to lower its forecast of US 2012/13 soybean ending stocks in a monthly supply/demand report due out Friday.



Copyright Reuters, 2013


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