CBOT soybeans hit 7-week low as drier Midwest weather to speed harvesting

By Reuters News

CHICAGO, Oct 16 (Reuters) - Chicago Board of Trade soybean futures fell to a fresh seven-week low on Friday on technical and fund selling and as dry weather forecast over the coming week was expected to accelerate harvesting across the Midwest.

  • The harvest pressure more than offset support from renewed buying by China. The US Department of Agriculture on Friday confirmed private sales totaling 558,000 metric tons of US soybeans to China, bringing the confirmed sales total to China to 1.358 million tons over the past three days. The USDA on Friday also reported 236,000 tons sold to undisclosed buyers, sales which traders said were likely also likely bound for China.

  • A recent stretch of dry weather around the US Midwest has allowed farmers to accelerate harvesting of summer crops, and many growers were gathering soybeans before corn. Midweek rains this week stalled field work, but drier weather is expected through the weekend and early next week, forecasters said.

  • The USDA reported net weekly export sales of US soybeans at 574,000 metric tons in the current marketing year for the week ended October 8, at the low end of a range of trade estimates.

  • CBOT November soybeans closed 1-3/4 cents lower at $12.61-1/4 per bushel after earlier touching the lowest level since August 27. The benchmark contract was down 2.4% in the week.

  • CBOT December soymeal was $2.70 lower at $357.10 per ton.

  • CBOT December soyoil shed 0.02 cent to settle at 67.13 cents per pound.

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