Chicago Board of Trade (CBOT) soyabean futures fell for a second straight session on Wednesday on an advancing US harvest and worries about a delay in finalizing a "phase one" trade deal with China, traders said.
A weakening Brazilian real added pressure to futures. The softer currency against the dollar tends to accelerate soya marketings by Brazilian farmers, which creates headwinds for US export sales.
CBOT November soyabeans were 6-3/4 cents lower at $9.15 per bushel while January soyabeans, the most actively traded contract, closed down 6-3/4 cents at $9.27-1/2 a bushel.
CBOT December soyameal ended down $3.80 at $298.90 per short ton, while December soyaoil added 0.18 cent to settle at 31.75 cents per pound. A meeting between US President Donald Trump and Chinese President Xi Jinping to sign a long-awaited interim trade deal could be delayed until December as discussions continue over terms and venue, a senior official of the Trump administration told Reuters on Wednesday.
Largely dry US Midwest weather is allowing farmers to continue harvesting soyabeans in much of the region. Below-normal precipitation is expected over the two weeks.
Rains in parts of Brazil and Argentina have lessened concerns about early-season dryness as farmers there ramp up planting. Grain traders are adjusting positions ahead of the USDA's monthly supply/demand reports on Friday and awaiting news about a US-China trade deal. The CBOT reported no deliveries against the November SX9 contract.