CBOT soybeans pull back from rally, traders eye US-China meeting
SOYB•CBOT soybean complex settles mixed
CBOT November soybeans SX26 closed down 2-1/2 cents at $13.25-1/2 per bushel. The market Sv1 earlier approached a nearly three-year high set on September 11.
CBOT December soymeal SMZ26 ended up $2.30 at $370.70 per ton, and December soyoil BOZ26 fell 0.93 cent to finish at 67.92 cents per pound.
China soybean auction adds to supply focus
China's state stockpiler Sinograin announced its second large-scale auction of imported soybeans in September, just days ahead of the summit in Washington.
Traders said the sales were intended to free up storage capacity for expected arrivals of US soybeans. They hope the leaders' summit this week will provide greater clarity on China's future demand for US soybeans.
Traders were waiting to see whether China may remove a 10% import duty on US soybeans that has discouraged private Chinese buyers from making purchases.
Soybean futures ease after Monday’s rally
Chicago Board of Trade soybean futures closed lower on Tuesday in a turnaround from strong gains on Monday, as traders waited for a summit between the US and top importer China.
Futures eased after rallying on Monday in anticipation of the summit between Presidents Donald Trump and Xi Jinping.
Lower oil prices helped to set a negative tone for the market, traders said.
