CBOT soybeans end modestly lower while soyoil futures climb

- 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.