CBOT soybeans end modestly lower while soyoil futures climb
CHICAGO, June 9 (Reuters) - Chicago Board of Trade soybean futures ended slightly lower on Tuesday, pressured by generally favorable Midwest weather, sagging crude oil prices and a lack of fresh Chinese purchases, traders said, while soyoil futures ended higher.
CBOT July soybeans SN26 settled down 2 cents, or 0.2%, at $11.13-3/4 per bushel after dipping to $11.10-1/4, the contract's lowest level since February 4.
CBOT new-crop November soybeans SX26 ended down 3-1/2 cents, or 0.3%, at $11.32 a bushel.
CBOT July soymeal SMN26 settled down $1.60, or 0.5%, at $301.10 per short ton.
CBOT July soyoil BON26 rose 0.35 cent, or 0.5%, to close at 74.91 cents per pound, buoyed by robust demand for biodiesel, traders said.
Crop weather in the heart of the Midwest crop belt remained generally favorable, with warm temperatures and showers crossing the region this week.
As a result, soybean futures shrugged off support from a surprise drop in weekly U.S. crop condition ratings. The U.S. Department of Agriculture on Monday rated 65% of the soy crop as good to excellent, down from 66% last week, while analysts on average had expected an improvement.
Traders awaited direction from a monthly supply and demand report due from the USDA on Thursday.
China's soybean imports fell 15.3% in May from a year earlier, but the volume was still the third highest on record for the month, exceeding analysts' expectations as peak South American supplies and smoother port logistics supported arrivals.
