CBOT soybeans dip on favorable crop weather

CHICAGO, June 3 (Reuters) - Chicago Board of Trade soybean futures dropped for a fourth straight session on Wednesday as beneficial weather aided yield prospects for the newly planted crop.

  • Mild weather and some showers in parts of the U.S. Midwest limited dryness concerns for the region's crops, according to Commodity Weather Group.

  • Soybeans retreated despite renewed hostilities in the Middle East and a lack of clear progress in talks between Tehran and Washington. O/R

  • Soybean futures often track crude oil prices, as the oilseed is commonly used as a feedstock for biofuels, but grains have reacted less sharply to crude prices since last month as seasonal supply considerations have come into focus.

  • CBOT July soybeans SN26 settled 11-1/4 cents lower at $11.54 per bushel.

  • CBOT July soymeal SMN26 ended $5.40 cents lower at $326.20 per short ton.

  • CBOT July soyoil BON26 rose 0.30 cent to finish at 78.71 cents per pound.


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