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CBOT soybeans set 11-week low under pressure from weak oil prices

By Reuters News

CHICAGO, Nov 4 (Reuters) - Chicago Board of Trade soybean futures set an 11-week low on Wednesday under pressure from falling crude oil prices, traders said.

  • Oil prices fell 9% as investors awaited Washington's next move in the US-led war on Iran, after President Donald Trump's Republican Party lost control of Congress in midterm elections.

  • The decline weighed on soybeans because the crop is used to make biofuels, traders said.

  • Exporters sold 167,000 metric tons of US soybeans to Spain, the US Department of Agriculture said in its daily reporting system.

  • On Thursday, the USDA is expected to report 2026/27 US soybean export sales were 950,000 to 2.5 million metric tons in the week that ended on October 29, according to a Reuters poll of analysts.

  • CBOT January soybeans ended down 11-3/4 cents at $12.02-1/4 per bushel and hit the lowest level since August 14 at $11.98-3/4.

  • CBOT December soymeal closed up $0.60 at $318.60 per ton. The contract matched Tuesday's session low of $315.20, which was the weakest price since August 17.

  • CBOT December soyoil fell 1.75 cents to end at 63.53 cents per pound and set the lowest price since April 20.

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