CBOT soybeans rebound from 12-week low
CHICAGO, Nov 6 (Reuters) - Chicago Board of Trade soybean futures edged higher on Friday in a rebound from a 12-week low, though expectations for a record-large US harvest hung over the market, analysts said.
The US Department of Agriculture is expected to raise its estimate of US soybean production to 4.597 billion bushels in a monthly report due on Tuesday, up from 4.562 billion in October, according to a Reuters poll.
On Monday, the USDA is slated to issue a weekly update on harvesting progress, which was 88% complete as of November 1.
The USDA said on Friday that exporters sold 136,000 metric tons of US soybeans to top importer China for 2026/27 delivery.
"There is little that this market is grabbing onto from the bullish side as Chinese interest continues, but volumes appear light and South America weather forecasts are decent," CHS Hedging said in a note.
CBOT January soybeans ended up 5-1/2 cents at $11.93-3/4 per bushel after falling earlier to the lowest level since August 12 at $11.84.
For the week, the contract tumbled 3.3%.
CBOT December soyoil ended 0.02 cent higher at 62.26 cents per pound after sinking earlier to the lowest price since March 23.
CBOT December soymeal closed up $2 at $319.20 per ton.