CHICAGO: Chicago Board of Trade soybean futures edged off 11-day lows on Monday as signs of poor weather affecting crop yields in portions of the Midwest raised questions about how widespread such problems might be, traders said.
CBOT November soybeans settled up 1-3/4 cents at $8.58-1/2 a bushel.
CBOT December soymeal ended down 30 cents at $312.80 per short ton and December soyoil ended up 0.01 cent at 29.15 cents per pound.
Gains were capped by continued expectations for the United States to produce bumper soybean and corn crops, traders said.
Still, traders said the increasing pace of the harvest in the Midwest is starting to show that, at least in some areas, the early harvest season rains did hit soybean yields.
"Are we losing bushels, and if so, how much and how widespread is this?" said Ted Seifreid of the Zaner Group. "I was talking to a farmer in Nebraska while he was combining his beans, and while the yields were good, he said he was losing 7 bushels an acre because of sprouted pods."
Ahead of the USDA's weekly crop progress report due later on Monday, analysts on average expected the government to report the US soybean harvest as 52 percent complete, up from 38 percent a week ago.
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