CHICAGO: Chicago Board of Trade soybean closed lower on Thursday on expectations of a record-large US harvest starting in a few weeks, coupled with uncertainty about demand, traders said.
CBOT November soybeans settled down 4-1/2 cents at $8.31-1/2 per bushel after hitting $8.29, its lowest since July 16.
CBOT December soymeal ended down $1.70 at $303.50 per short ton while December soyoil rose 0.25 cent at 28.67 cents per pound.
Traders await updated US corn and soy production estimates expected later on Thursday from commodity brokerage INTL FCStone.
Additional pressure from fears about African swine fever in China's hog herd potentially curbing demand for soymeal. The disease infected 185 pigs in eastern China's Anhui province, the Ministry of Agriculture said, marking the country's fifth case of the deadly disease in less than a month.
US Agriculture Secretary Sonny Perdue said the swine fever outbreak in China's hogs is probably bigger than what has been reported publicly.
The USDA reported export sales of US soybeans in the latest week at 702,400 tonnes (old- and new-crop years combined), in line with combined-year trade expectations for 500,000 to 1.25 million tonnes.
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