CBOT soybeans drop despite bullish USDA conditions report

CHICAGO: Chicago Board of Trade soybean futures fell on Tuesday, with a forecast for good weather outweighing a US Agriculture Department report that showed crop conditions deteriorated more than expected in the last week.

Soybean futures closed at session lows.

Soymeal and soyoil futures also fell, with soymeal posting the biggest declines in the complex.

The latest weather view calls for cool temperatures and ample rain across broad swaths of the US Midwest as soybeans near their critical development phases.

USDA on Monday afternoon said that 57 percent of the soybean crop was in good to excellent conditions, down 4 percentage points from a week earlier and below market expectations.