CBOT soybeans end lower after hitting three-week high

CHICAGO: US soybean futures closed lower on Tuesday after touching a three-week high during the session, following weakness in the cash market, traders said.

Soyoil and soymeal futures also closed lower.

Traders cited profit-taking in soyoil futures following a rally to their highest since August 2014.

Spot basis bids for soybeans tumbled at US Midwest river terminals on Tuesday as supplies at those locations were plentiful enough to handle the firm export demand.

The US Department of Agriculture through its daily reporting system said private exporters sold 706,500 tonnes of US soybeans to China for 2016-17 delivery.