CHICAGO: Chicago Board of Trade (CBOT) soybean futures fell steeply on Tuesday as an advancing harvest in Brazil increased global supplies and as investors awaited confirmation that China was buying US soybeans.
* CBOT May soybeans ended down 8 cents at $9.17 per bushel, losing the previous session's gains.
* CBOT May soymeal was down $2.10 at $307.3 per short ton, while May soyoil ended down 0.28 cent at 30.4 cents per pound.
* Brazilian soybean farmers have harvested about 45 percent of fields so far in the 2018/19 season as the work is progressing quickly in top-producing state Mato Grosso, consultancy AgRural said in a statement on Monday.
* Traders were disappointed that the US Department of Agriculture had not confirmed sales of US soybeans to China after Beijing committed to buy an additional 10 million metric tons of US soybeans in a meeting in the Oval Office on Friday.
* US President Donald Trump said on Monday he was optimistic that a final trade deal could be reached with China and that he would hold a summit to sign any pact, but cautioned an agreement may still not happen.
* The USDA confirmed on Tuesday sales of 120,000 tonnes of US soybeans to Mexico for shipment in the current and next marketing years.
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