CHICAGO: Chicago Board of Trade soybean futures closed lower on Monday, retreating from early advances on technical selling after the November contract failed to match Friday’s high of $9.77-3/4 a bushel.
CBOT November soybeans settled down 1 cent at $9.67-3/4 per bushel.
Additional pressure noted from declines in soyoil futures, which appeared to reflect fund long liquidation. CBOT December soyoil ended down 0.38 cent at 34.43 cents per lb after touching 34.41, its lowest since Aug. 22.
CBOT December soymeal settled up $1.20 at $312.60 per short ton.
Soybeans drew early support from strong export demand and uncertainty about US yields as the Midwest harvest begins.
The US Department of Agriculture said private exporters sold 261,000 tonnes of US soybeans to China and another 126,000 tonnes to unknown destinations, all for or delivery in the 2017/18 marketing year that began Sept. 1.
The USDA reported export inspections of US soybeans in the latest week at 928,575 tonne, below a range of trade expectations for 1.0 million to 1.3 million tonnes.
Ahead of the USDA’s weekly crop progress report due later on Monday, analysts surveyed by Reuters expected the government to report the US soybean harvest as 5 percent complete.