CHICAGO: Chicago Board of Trade soybean futures fell on Tuesday on a mix of profit-taking after Monday's surge, harvest pressure and expectations that the US Department of Agriculture might raise its soybean yield estimate next week, traders said.
Most-active CBOT November soybeans settled down 9-1/2 cents at $9.63-1/2 per bushel.
Commodity brokerage INTL FCStone raised its estimate of the average US 2016 soybean yield to a record 52.5 bushels per acre, from 50.1 last month, and raised its soybean production estimate to 4.357 billion bushels.
The US Department of Agriculture said the US soybean harvest was 26 percent complete, ahead of an average of trade estimates for 25 percent but behind the five-year average of 27 percent.
The USDA also rated 74 percent of the soybean crop in good to excellent condition, up from 73 percent the previous week.
Soybean futures drew underlying support from news that Argentina delayed a planned reduction in soy export taxes.
Soymeal futures fell, following soybeans.
Soyoil futures also declined, pressured in part by declines in Malaysian palm oil futures.
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