CBOT soybeans hit four-month lows on US weather, retreat in crude oil
CHICAGO, June 11 (Reuters) - Chicago Board of Trade soybean futures fell to fourth-month lows on Thursday on generally favorable U.S. crop weather, lower crude oil prices and a lack of supportive news, traders said.
CBOT July soybeans SN26 settled down 8 cents, or 0.7%, at $11.15 per bushel after dipping to $11.08-1/4, the contract's lowest since February 4.
New-crop November soybeans SX26 ended down 4-1/2 cents, or 0.4%, at $11.34 a bushel.
CBOT July soymeal SMN26 ended down 20 cents, or 0.1%, at $301.70 per short ton and July soyoil BON26 fell 0.88 cent, or 1.2%, to finish at 74.45 cents per pound.
Storms crossed the Midwest crop belt, bringing localized wind and hail damage along with broadly beneficial rain that was expected to promote crop growth.
A retreat in crude oil CLc1 prices added pressure, given soyoil's role as a feedstock for biodiesel. Oil prices turned lower after U.S. President Donald Trump said he canceled plans to strike Iran on Thursday.
The U.S. Department of Agriculture's monthly supply/demand report offered few major surprises. The government raised its estimate of Argentina's 2025/26 soybean crop to 50 million metric tons, from 48 million last month.
The USDA made no changes to its forecasts of U.S. soybean stocks at the end of the 2025/26 and 2026/7 marketing years.
In its weekly export sales report, the USDA showed net sales of old-crop soybeans in the week to June 4 at 211,300 metric tons and new-crop sales of 141,500 tons, toward the low end of trade expectations.
Brazil's national crop agency Conab raised its estimate of the country's 2025/26 soybean harvest to a record 180.25 million metric tons, up from its previous monthly estimate of 180.13 million tons.
