CHICAGO: US soybean futures fell for the third straight day on Tuesday as China's decision to raise interest rates threatened to cool buying from the world's top importer of soybeans, traders said.
Soy market also faced pressure from the ongoing harvest of what is expected to be a record South American soybean crop, and talk that foreign buyers may switch some of their soy orders to South America from the United States.
Drier weather in Argentina over the next seven days will boost crop harvest and also favour maturing crops. Drier conditions in Brazil also will help improve harvest progress.
Brazil's 2010/11 soybean crop, which is more than two-thirds harvested, is seen at a record 70.56 million tonnes, up from the March view of 69.8 million tonnes, grains analysts Celeres said on Monday. Analysts were expecting the US Agriculture Department's upcoming supply and demand report to peg soybean ending stocks at 137 million bushels, slightly below the March estimate of 140 million bushels.
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