CBOT soybeans fall on liquidation, harvest pressure, crush pace concerns
DBA•CBOT November soybean futures fell 9 cents to $12.84 per bushel on Thursday as fund liquidation, harvest supply and concerns about the soybean crush pace pressured prices.
1. Soybean futures decline
Fund liquidation, pressure from the expected record-large U.S. crop and concerns about export demand weighed on soybean futures. Wet weather had slowed the harvest, but new supplies were still weighing on prices, said Jack Scoville of Price Futures Group.
2. Sales and crush data
U.S. net soybean export sales for the week to September 24 were 1,033,500 metric tons, above trade expectations of 850,000 to 1 million tons. The U.S. Department of Agriculture reported after the market closed that processors crushed 209.6 million bushels in August, below the average trade estimate. December soybean meal fell $3.60 to $353.30 per ton, while December soyoil dropped 0.90 cent to 67.38 cents per pound.
