CBOT soybeans close lower after choppy session

CHICAGO: Chicago Board of Trade soybean futures closed modestly lower on Tuesday, concluding a choppy session in largely technical trade, brokers said.

CBOT November soybeans settled down 1 cent at $8.57-1/2 per bushel after dipping to $8.51, the contract’s lowest since Oct. 11.

CBOT December soymeal ended down $2.10 at $310.70 per short ton and December soyoil fell 0.39 cent at 28.76 cents per pound.

Farmer selling was light as producers in the heart of the US Midwest scrambled to catch up harvesting crops following rain delays earlier this month.

The US Department of Agriculture late Monday said the US soybean harvest was 53 percent complete, behind the five-year average of 69 percent but just ahead of an average of trade expectations for 52 percent.

The USDA rated 66 percent of the crop in good to excellent condition, unchanged from the previous week.

Post Views: 20