CBOT soybeans close lower on US harvest pressure
- CBOT November soybeans settled down 6-1/4 cents at $9.96-1/4 per bushel.
- CBOT December soymeal ended down $4.30 at $332.60 per short ton while December soyoil rose 0.45 cent to settle at 33.29 cents per pound.
CHICAGO: Chicago Board of Trade soybean futures closed lower on Monday, retreating from early advances on pressure from the expanding US harvest, with farmers poised to sell harvested soybeans and store corn, analysts said.
CBOT November soybeans settled down 6-1/4 cents at $9.96-1/4 per bushel.
CBOT December soymeal ended down $4.30 at $332.60 per short ton while December soyoil rose 0.45 cent to settle at 33.29 cents per pound.
The US Department of Agriculture confirmed private sales of 218,300 tonnes of US soybeans to unknown destinations for delivery in the 2020/21 marketing year that began Sept. 1.
Position-squaring noted ahead of the USDA's quarterly US stocks report due on Wednesday.
Ahead of the USDA's weekly crop progress report due later on Monday, analysts surveyed by Reuters on average expected the government to show the US soybean harvest as 18% complete, up from 6% a week earlier.
The USDA reported export inspections of US soybeans in the latest week at 1,211,733 tonnes, in line with trade expectations for 1,100,000-1,400,000 tonnes.
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