CBOT soybeans fall on liquidation, harvest pressure, crush pace concerns

By Reuters News

CHICAGO, Oct 1 (Reuters) - Chicago Board of Trade soybean futures dropped on Thursday on fund liquidation and market expectations that the soybean crush in August likely fell, traders said.

  • Supply pressure from the harvest of what is expected to be a record-large US crop also cast a pall over soybean prices, along with concerns about export demand, market analysts said.

  • A wet late summer and early autumn have slowed the harvest pace, but the new supplies are still weighing on prices and shifting traders' focus away from weather-related crop quality problems, said Jack Scoville, vice president at Price Futures Group in Chicago.

  • CBOT November soybeans closed down 9 cents at $12.84 per bushel.

  • CBOT December soymeal fell $3.60 to finish at $353.30 per ton.

  • CBOT December soyoil settled down 0.90 cent at 67.38 cents per pound.

  • The US Department of Agriculture reported net export sales of US soybeans in the week to September 24 at 1,033,500 metric tons, topping trade expectations ranging from 850,000 to 1,000,000 tons.

  • Concern about a slowing pace of the US soybean crush added pressure to soybean futures during the session, traders said.

  • USDA reported after the market closed that US soybean processors crushed 209.6 million bushels of soybeans in August, below the average of trade estimates.

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