CBOT soybeans end lower on US harvest pressure; USDA data awaited
SOYB•CBOT November soybean futures fell 5½ cents, or 0.4%, to $12.97½ per bushel as the Midwest harvest expanded and the dollar strengthened. Traders awaited USDA reports due Thursday and Friday.
1. Soybeans retreat
CBOT November soybean futures settled down 5½ cents, or 0.4%, at $12.97½ per bushel on Wednesday, retreating from an early-session high of $13.09. Expanding Midwest harvesting and a strong dollar weighed on prices.
2. Other soybean products
December soyoil fell 2.23 cents, or 3.2%, to 67.68 cents per pound, while December soymeal rose $11, or 3.1%, to $365.80 per short ton. Clear skies allowed farmers to increase harvesting after delays from heavy late-September rains, and Midwest cash markets for soybeans and corn softened.
3. USDA reports awaited
Ahead of Friday’s monthly supply and demand reports, surveyed analysts on average expected the USDA to leave its US soybean yield estimate unchanged at 52.8 bushels per acre. Traders expected Thursday’s weekly export sales report to show net US soybean sales of 450,000 to 1.2 million metric tons for the week ended October 1.
