CBOT soybeans close lower on improving US harvest weather

By Reuters News

CHICAGO, Oct 2 (Reuters) - Chicago Board of Trade soybean futures dropped on Friday, pressured by forecasts for improving US harvest weather and uncertainty about how hefty the crop will be, analysts said.

  • CBOT November soybeans closed down 5-3/4 cents at $12.78-1/4 per bushel.

  • CBOT December soymeal fell $5.80 to finish at $347.50 per ton.

  • CBOT December soyoil settled up 1.24 cents at 68.62 cents per pound.

  • Soybean futures also were weighed down by a lack of supportive news at a time when large speculators hold a huge net long position, leaving the market prone to bouts of long liquidation, traders said.

  • Questions about how big this autumn's US soybean harvest will be are being hotly debated by traders, who are eagerly awaiting the US Department of Agriculture's next crop production report and its monthly World Agricultural Supply and Demand Estimates report next week.

  • Traders are eager for the government's updated forecast, as harvest across much of the Midwest has been delayed by early fall rains, said Don Roose, president of Iowa-based US Commodities.

  • Commodity brokerage StoneX on Thursday raised its estimate of the average US 2026 soybean yield to 54.1 bushels per acre, from its September estimate of 53.0 bpa.

  • The StoneX figures are above the USDA's current national yield estimate of 52.8 bpa for soybeans.

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