CBOT soybeans drop after hitting 2-1/2-year high
- Strong export demand lent support to the nearby issues while forecasts for a large crop in Brazil weighed on the deferreds.
- Conab forecast Brazil's 2020/21 soybean crop at a record 133.673 million tonnes.
CHICAGO: Chicago Board of Trade soybean futures dropped on Thursday, breaking a stretch of three straight higher closes.
Declines in the deferred contracts outpaced losses in the nearby contracts.
Strong export demand lent support to the nearby issues while forecasts for a large crop in Brazil weighed on the deferreds.
On a continuous basis, the most-active soybean futures contract hit its highest since March 8, 2018 before turning lower.
The US Agriculture Department on Thursday morning said that private exporters reported the sale of 374,000 tonnes of soybeans to China, 152,404 tonnes of soybeans to Mexico and 132,000 tonnes of soybeans to unknown destinations. All the deals were slated to shipped in the current marketing year.
Conab forecast Brazil's 2020/21 soybean crop at a record 133.673 million tonnes.
Brazil's Abiove pegged the country's soybean output for 2021 at 131.7 million tonnes.
Export sales of soybeans in the week ended Oct. 1 totaled 2.591 million tonnes, the fifth straight week that sales have topped 2 million tonnes. Analysts' forecasts for the weekly total had ranged from 1.5 million ton 2.5 million tonnes.
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