CBOT soybeans fall on active US Midwest harvest
CHICAGO, Oct 13 (Reuters) — Chicago Board of Trade soybean futures declined for a second straight session on Tuesday, pressured by rising supplies from the active Midwest harvest. Mostly dry weather around the Midwest for the past week allowed farmers to accelerate harvesting after rain delays earlier in the fall. Some rain is expected in the western Midwest later this week followed by drier conditions that should allow field work to promptly resume, forecasters said. The US Department of Agriculture is due to issue its weekly crop progress report later on Tuesday. Analysts polled, on average, expect the agency to report that 44% of the nation's soybean crop had been harvested as of Sunday. The US Environmental Protection Agency proposed on Tuesday to make larger refiners blend more biofuels into their products over the next two years, a move that would support demand for soyoil to produce bio-based diesel. China's soybean arrivals are expected to average around 9.5 million metric tons per month in the fourth quarter, Cai Hongli, deputy general manager of market research at COFCO Oils, said at an industry conference in Dalian on Tuesday. Traders are watching for new buyi
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CHICAGO, Oct 13 (Reuters) — Chicago Board of Trade soybean futures declined for a second straight session on Tuesday, pressured by rising supplies from the active Midwest harvest. Mostly dry weather around the Midwest for the past week allowed farmers to accelerate harvesting after rain delays earlier in the fall. Some rain is expected in the western Midwest later this week followed by drier conditions that should allow field work to promptly resume, forecasters said. The US Department of Agriculture is due to issue its weekly crop progress report later on Tuesday.
Analysts polled, on average, expect the agency to report that 44% of the nation's soybean crop had been harvested as of Sunday. The US Environmental Protection Agency proposed on Tuesday to make larger refiners blend more biofuels into their products over the next two years, a move that would support demand for soyoil to produce bio-based diesel. 5 million metric tons per month in the fourth quarter, Cai Hongli, deputy general manager of market research at COFCO Oils, said at an industry conference in Dalian on Tuesday. Traders are watching for new buying demand from top importer China after a recent trade meeting between presidents Donald Trump and Xi Jinping.
China's punitive tariff on US soybeans remains in place, which has discouraged private Chinese importers from booking US shipments. 83-3/4 per bushel. 20 per ton. 02 cents per pound.
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