Soybeans fall on harvest pressure, fund liquidation, demand questions
SOYB•Soybean futures fell as harvest supplies, fund liquidation and export-demand concerns weighed on prices. The most-active contract settled down 9 cents at $12.84 per bushel after touching a nearly five-week low of $12.73-3/4.
1. Soybeans under pressure
Chicago soybean futures fell on Thursday as funds liquidated positions and traders expected the August soybean crush to decline. Harvest pressure from an expected record-large U.S. crop and concerns about export demand also weighed on prices, traders and analysts said.
2. Other grain prices
Wheat futures closed 7 cents higher at $6.82-3/4 per bushel, supported by a small U.S. crop and a large Saudi Arabian import tender. Corn futures rose 1-1/2 cents to $5.02-1/4 per bushel after technical buying; the USDA had reported that U.S. corn stocks on September 1 were 35% higher than a year earlier.
3. August crush figures
After the market closed, the USDA reported that U.S. processors crushed 209.6 million bushels of soybeans in August, below the average of trade estimates. Wet weather had slowed the harvest, but new supplies remained a focus for traders.
