CBOT soybeans see biggest drop since March 16
- Most-active CBOT November soybeans ended 31-3/4 cents lower at $10.33-3/4 a bushel, the biggest drop since March 16.
- CBOT December soymeal ended down $9.40 at $354.30 per short ton while December soyoil finished down 0.85 cent at 33.16 cents per pound.
CHICAGO: Chicago Board of Trade soybean futures fell on Monday as a lack of export sales or heavy fund buying allowed harvest pressure to weigh on the market, traders said.
Most-active CBOT November soybeans ended 31-3/4 cents lower at $10.33-3/4 a bushel, the biggest drop since March 16.
CBOT December soymeal ended down $9.40 at $354.30 per short ton while December soyoil finished down 0.85 cent at 33.16 cents per pound.
The US Department of Agriculture is expected to report strong harvest progress when it drops its weekly crop progress report on Tuesday, delayed a day due to the Columbus Day holiday.
Friday, the USDA's monthly World Agricultural Supply and Demand Estimates report pegged soybean stocks at a five-year low, with rising exports eating into inventories.
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