CHICAGO: Chicago Board of Trade soybean futures ended slightly lower on Tuesday, retreating from early advances on technical selling and profit-taking as the November contract climbed to its 200-day moving average, traders said.
CBOT November soybeans settled down 3/4 cent at $9.66 per bushel, retreating after reaching $9.75-3/4.
CBOT December soymeal ended up 70 cents at $316.20 per short ton and December soyoil fell 0.15 cent at 33.11 cents per pound on meal/oil spreading.
CBOT soybeans drew early support from news that Brazilian statistics agency Conab forecast the country's 2017-18 soybean crop at between 106 million and 108.2 million tonnes, down from the 2016-17 crop of 114 million tonnes.
The US Department of Agriculture reported export inspections of US soybeans in the latest week at 1,484,650 tonnes, topping a range of trade expectations.
The USDA said private exporters sold 131,000 tonnes of US soybeans to China for delivery in the 2017-18 marketing year that began Sept. 1.
Ahead of the USDA's weekly crop progress report, analysts surveyed by Reuters on average expected the government to report the US soybean harvest as 38 percent complete.
Analysts expect the USDA in its monthly supply/demand reports on Thursday to raise its US soybean yield estimate but lower its forecast of US 2017-18 soybean ending stocks.
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