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CBOT soybeans hit 11-week low as US farmers wrap up harvesting

By Reuters News

CHICAGO, Nov 3 (Reuters) - Chicago Board of Trade soybean futures slid to an 11-week low on Tuesday as US farmers neared the end of a massive harvest.

  • The US Department of Agriculture said on Monday that harvesting was 88% complete, ahead of the five-year average of 84%.

  • The agency previously estimated that US farmers this year produced the biggest crop ever.

  • Analysts said US export sales to countries other than China were in question because top supplier Brazil has a pricing advantage.

  • The USDA reported on Tuesday that exporters sold 134,000 metric tons of US soybeans to unknown buyers for 2026/27 delivery, after confirming sales of 136,000 metric tons to top importer China on Monday.

  • China's lead trade negotiator Li Chenggang met with a US agricultural trade delegation on Monday, the Chinese commerce ministry said.

  • CBOT January soybeans ended down 2-3/4 cents at $12.14 per bushel and hit the lowest level since August 17.

  • CBOT December soymeal closer $1.60 lower at $318 per ton and also set its lowest level since August 17.

  • CBOT December soyoil rose 0.2 cent to finish at 65.28 cents per pound.

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