CBOT soybeans end lower, dragged down by weakness in corn and wheat

• CBOT soy futures climbed to session highs after the US Department of Agriculture (USDA) in its monthly supply-demand reports cut its estimate of the US average soybean yield to 46.9 bushels per acre.
• The USDA estimated US soybean production at 3.550 billion bushels, down from 3.633 billion in September.

CHICAGO: Chicago Board of Trade soybean futures closed lower on Thursday, erasing early gains and turning down as a slide in corn and wheat futures outweighed supportive data in a monthly US government crop report, traders said.

* CBOT November soybeans settled down 1/4 cent at $9.23-1/2 per bushel, turning lower after reaching $9.34, its highest since July 15.

* CBOT December soymeal ended down $1.90 at $307.80 per short ton, while December soyoil rose 0.07 cent at 29.78 cents per pound.

* CBOT soy futures climbed to session highs after the US Department of Agriculture (USDA) in its monthly supply-demand reports cut its estimate of the US average soybean yield to 46.9 bushels per acre, below an average of analyst expectations and down from 47.9 last month.

* The USDA estimated US soybean production at 3.550 billion bushels, down from 3.633 billion in September.

* The government cut its forecast of US 2019-20 soybean ending stocks to 460 million bushels, down from 640 million last month and near the low end of a range of analyst expectations.

* Early strength also stemmed from stepped-up export demand. The USDA reported export sales of US soybeans in the week to Oct. 3 at more than 2 million tonnes, topping a range of trade expectations for 1.3 million to 1.8 million tonnes.

* Also, through its daily reporting system, the USDA said private exporters sold 398,000 tonnes of US soybeans to China, the second daily "flash sale" of soybeans this week to the world's top soy importer.