A spike in farmer sales of soybeans also replenished supplies at processing plants, likely leading to more abundant soymeal stockpiles in the weeks to come. Cash soybean prices climbed above levels guaranteed in crop insurance policies in some areas of the Midwest, enticing farmers to sell.
The Chicago Board of Trade soy complex was sharply lower in a technical selloff and amid forecasts for cooler weather in US soy growing areas. Both soymeal and soybean futures declined from the multimonth highs reached earlier this week.
CBOT August soymeal was down $11 at $325.00 per ton at 10:03 a.m. CDT (1503 GMT), below its more than three-month peak from Tuesday of $341.40.
The US Department of Agriculture said soymeal export sales totaled 3,700 tonnes for the current marketing season that ends on Sept. 30, below analyst estimates ranging from 25,000 to 150,000 tonnes. New-crop soymeal export sales of 128,800 tonnes were slightly above estimates.