CBOT soybean futures tumble after USDA raises soy production forecast

• China has bought around 1 million metric tons of U.S. soybeans this week, four traders told Reuters, as the world's top oilseed buyer steps up purchases ahead of Chinese President Xi Jinping's visit to Washington later this month.
• The purchases take China's total U.S. soybean buying to nearly half of the 25 million tons the White House said Beijing had committed to annually through 2028.
• The USDA reported Chinese purchases of U.S. soybeans on Wednesday and Thursday.
• New-crop November soybeans SX26 settled 35-3/4 cents lower to $12.96-1/2 per bushel.
• CBOT October soymeal SMV26 ended $3.80 lower to $346.80 per short ton, while December soyoil BOZ26 ended 2.24 cents lower to 69.68 cents per pound.

Chicago Board of Trade soybean futures extended losses on Friday immediately following the U.S. Department of Agriculture's supply and demand report, where the agency raised its forecast for soybean production.

• Farmers will harvest 4.535 billion bushels of soybeans, with an average yield of 52.8 bushels per acre, the agency reported.
• In August, the USDA projected soybean production at 4.519 billion bushels, with an average yield of 52.7 bushels.
• Analysts expected a soybean crop of 4.501 billion bushels, with an average yield of 52.5 bushels per acre, according to a Reuters poll.