CBOT soybeans end lower as US weather threat eases; USDA data awaited
CHICAGO, July 9 (Reuters) - Chicago Board of Trade soybean futures ended lower on Thursday as a milder weather outlook for the U.S. Midwest pushed prices off seven-week highs set a day earlier, and traders adjusted positions ahead of a monthly U.S. government supply/demand report, analysts said.
CBOT August soybeans SQ26 settled down 15-1/2 cents, or 1.3%, at $11.77-3/4 per bushel and new-crop November soybeans SX26 ended down 10-3/4 cents, or 0.9%, at $11.81-1/2 a bushel.
CBOT August soyoil BOQ6 fell 0.93 cent, or 1.3%, to settle at 69.92 cents per pound, pressured by a 2% drop in crude oil CLc1 futures tied to economic worries. Soyoil is a feedstock for bioduesel fuel. O/R
CBOT August soymeal SMQ26 ended up $5.10, or 1.6%, at $317.40 per short ton, buoyed by meal/oil spreading.
Weather forecasts have scaled back the outlook for hot and dry conditions through mid-July that had threatened U.S. crop production prospects.
Ahead of Friday's monthly supply/demand report from the U.S. Department of Agriculture, analysts surveyed by Reuters on average expected the agency to raise its projections of U.S. and global soybean ending stocks for 2026/27.
Profit-taking was noted after the USDA announced more U.S. soybean sales to China, confirming rumors that had lifted futures earlier this week.
Under its daily reporting rules, the USDA reported sales of 136,000 metric tons of U.S. soybeans to China and another 120,000 tons to undisclosed destinations, after confirming sales of 472,000 tons to China on Wednesday.
In its weekly export sales report, the USDA reported net export sales of U.S. old-crop soybeans in the week to July 2 at 54,300 metric tons, at the low end of trade expectations, and new-crop sales of 408,300 tons, in line with expectations.
