CHICAGO: Soybean futures on the Chicago Board of Trade fell Thursday on technical selling and forecasts called for less-threatening weather in the US Midwest, traders said.
CBOT August soybeans settled down 45-1/4 cents at $9.75-1/2 per bushel, and new-crop November fell 46-1/2 cents to $9.87-1/2.
CBOT August soymeal ended down $18.10 at $317.90 per short ton and August soyoil fell 0.45 cent at 33.07 cents per lb, following oybeans.
Portions of the US Midwest crop belt including Iowa and Illinois had good rains this week, and forecast models showed less heat expected next week.
Trade was still digesting Wednesday's monthly US Department of Agriculture reports in which the government raised its forecasts of global soy ending stocks for both 2016/17 and 2017/18, and raised its projection of US 2017 soybean production.
The USDA reported weekly export sales of US soybeans at 683,000 tonnes (old- and new-crop years combined), above trade expectations for 250,000 to 600,000 tonnes.
A delegation of Chinese soy buyers signed non-binding agreements in Iowa to buy 12.53 million tonnes of the US crop, the second largest deal between the two countries, the US Soybean Export Council said.
The CBOT reported 88 soybean deliveries against CBOT July futures, which expire on Friday, along with 52 soymeal deliveries and 43 soyoil deliveries.
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