CHICAGO: Chicago Board of Trade soybean futures fell to contract lows for a third straight day on Wednesday, pressured by weak US exports and plentiful global supplies of the oilseed.
* Rainy weather around the US Midwest is delaying corn seeding and potentially shifting more acres to soybeans, which can be planted later in the spring.
* CBOT July soybeans settled down 2-1/4 cents at $8.51-3/4 per bushel after notching a contract low of $8.44-1/4. Nearly all contracts set new lows during the session.
* CBOT July soymeal ended up 20 cents at $300.30 per short ton. All soymeal contracts posted new contract lows during the session.
* July soyoil fell 0.23 cent to settle at 27.65 cents per pound.
* Global soybean supplies are ample following a steep drop in US exports to China this season and bumper harvests in South America.
* Traders monitoring any news on US-China trade talks as a deal could trigger accelerated commodities purchases by China, helping to whittle down massive stockpiles of soybeans.
* The United States and China held "productive" trade talks in Beijing on Wednesday and will continue discussions in Washington next week, US Treasury Secretary Steven Mnuchin said.
* The US Department of Agriculture is due to release weekly export sales data early on Thursday. Analysts are expecting 400,000 to 800,000 tonnes of old-crop soybean sales and up to 100,000 tonnes in new-crop sales.
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