CHICAGO: Chicago Board of Trade soybean contracts ended Wednesday on a negative note, as US harvest pressures continued to weigh on the market and soymeal futures weakened, traders said.
CBOT November soybeans, the most-active contract, settled down 7-1/4 cents at $8.50-1/4 a bushel. The contract dipped to $8.50 a bushel in midday trading, its lowest point since Oct. 11.
CBOT December soymeal ended down $4.60 at $306.10 per short ton and December soyoil fell 0.15 cent to 28.61 cents per pound.
Egypt’s GASC said on Wednesday it bought 26,000 tonnes of soyoil in a snap tender.
Traders said the increasing pace of the harvest in the Midwest has revealed that there is some weather-related crop damage to corn and soybeans.
But several traders said such worries are far outweighed by pressure from an expected bumper harvest.
“Does the crop damage really matter right now? Not really,” said Mark Gold of Top Third Ag Marketing.
Analysts polled ahead of Thursday’s weekly USDA export sales report expect net soybean sales of 300,000 to 700,000 tonnes last week, up from total sales of 295,566 tonnes in sales the previous week. They also expect soymeal sales of 50,000 to 300,000 tonnes and soyoil sales of up to 22,000 tonnes.
The US dollar rose more than 1/2-percent against a basket of currencies on Wednesday, reaching its highest point since August.
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Source: Brecorder
