CHICAGO: Chicago Board of Trade (CBOT) soybean futures fell for a third straight day on Thursday as traders squared positions ahead of key government crop data due on Friday and as warmer, drier US weather was seen boosting recently planted crops, traders said.
CBOT July soybeans settled down 6-1/2 cents at $8.87-3/4 per bushel and August soy fell 6 cents to $8.93-3/4 a bushel.
Both hit two-week lows after breaching chart support at their 100-day moving averages.
CBOT July soymeal fell $1.20 to $312.20 per short ton, while July soyoil was unchanged at 27.81 cents per pound.
The US Department of Agriculture (USDA) is scheduled to release its US acreage and quarterly stocks reports on Friday at 11 a.m. CDT (1600 GMT).
Traders are also squaring bets near the end of the month and quarter and ahead of the upcoming G20 summit, where US President Donald Trump and Chinese President Xi Jinping are scheduled to meet to help resolve a year-long trade war.
Forecasters expect drier and warmer weather across much of the US farm belt over the next 10 days following an exceptionally wet and cool spring that delayed planting.
The improved weather could prompt some farmers to plant more soy and could boost crop conditions.
The USDA reported export sales of US soybeans in the week to June 20 at 487,800 tonnes (old and new crop years combined), in line with trade expectations.
Traders and analysts are expecting July soybean deliveries on Friday, the first notice day, at zero to 400 contracts, with most expecting fewer than 50 lots.
Traders expected no July soymeal deliveries and 500 to 1,500 July soyoil deliveries.
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