CHICAGO: Chicago Board of Trade soybean futures eased on Monday, dipping below the $10-per-bushel threshold the market hit for the first time in 2-1/2 months last week.
"Soybeans are lower, giving back some of last week's gains on profit taking," Farm Futures analyst Bryce Knorr said in a note to clients.
Soybean futures had risen 2.9 percent last week, supported by the US Agriculture Department's surprise cut to its harvest yield forecast.
Corn futures also were lower on Monday, pressured by forecasts for warm, dry weather in the Midwest crop belt, which should allow farmers to pick up the pace of harvest following a slow start. Weaker-than-expected weekly export data added to the weight hanging over the corn market.
Wheat futures dropped on technical selling after hitting a one-week high early in the trading session.
At 10:11 a.m. CDT (1511 GMT), CBOT November soybean futures were down 4-3/4 cents at $9.95-1/2 a bushel.
"The US market has been a key driver of soybean prices as the USDA reduced its yield forecast," said Phin Ziebell, agribusiness economist at National Australia Bank. "But it has not changed the fundamental picture significantly."
Declines were kept in check by strong demand. The USDA said weekly export inspections of soybeans totaled 1.770 million tonnes, topping forecasts that ranged from 1.100 million to 1.400 million.
USDA said corn export inspections were 322,672 tonnes and wheat export inspections were 322,860 tonnes for the week ended Oct. 12. Both came in below the low end of market expectations.
CBOT December corn futures were 1-3/4 cents lower at $3.51 a bushel and CBOT December soft red winter wheat was down 2-1/4 cents at $4.37-1/4 a bushel.
Investors were awaiting an update on soybean and corn harvesting in the USDA's weekly crop progress report due after the market close on Monday. Traders also were watching for the National Oilseed Processors Association's report on the volume of soybeans crushed by US processors in September.
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