CBOT soybeans fall as US harvest advances, funds liquidate
CHICAGO, Oct 27 (Reuters) - Chicago Board of Trade soybean futures continued to fall on Tuesday, though they remained rangebound, as US farmers scrambled to harvest their crops and funds moved to liquidate their positions, market analysts said.
Traders said they continued to be worried that currency pressures will weigh on US export demand.
On Tuesday the US dollar firmed against the euro, yen and pound, as traders braced for a barrage of central bank meetings that will shape the interest rate outlook, as well as corporate earnings that could ripple across markets. A stronger US dollar can weigh on export demand by making US supplies more expensive for overseas buyers and reducing export competitiveness.
Soybeans found some support early in the session on indications of export demand, after the US Department of Agriculture said weekly US export inspections improved both week-over-week and year-over-year, widening their season-to-date advantage versus last year.
CBOT November soybeans closed 12 cents lower at $12.29-1/4 per bushel, while the most-active January contract ended down 9-1/2 cents at $12.43 a bushel.
CBOT December soymeal ended $5.60 lower at $334.60 per ton.
CBOT December soyoil fell 0.30 cent to settle at 66.71 cents per pound.
The US soybean harvest was 79% complete as of Sunday, in line with trade expectations, the US Department of Agriculture said in a weekly progress report on Monday afternoon, above the average estimate in a Reuters poll of 10 analysts.
China's Sinograin sold 172,240 metric tons of imported soybeans on Tuesday, or 33.7% of the total volume, according to data from consultancy Mysteel.