CBOT soybeans sink to 7 — week low on US harvest progress, Sept crush slowdown

CHICAGO, Oct 15 (Reuters) — Chicago Board of Trade soybean futures fell to a seven-week low on Thursday on harvest pressure and forecasts for dry weather in the coming week, and as the domestic soy processing pace was slower than expected last month. The harvest pressure more than offset support from renewed buying by China. The Department of Agriculture on Tuesday confirmed private sales of 330,000 metric tons of US soybeans to China, a day after confirming 470,000 tons in sales. The US domestic soybean crush last month fell short of expectations, according to a monthly National Oilseed Processors Association report released on Thursday, which showed the September crush at a 13-month low of 196.3 million bushels. Soyoil stocks as of September 30 were at a nearly 12-year low of 1.053 billion pounds, according to NOPA, also below trade estimates. A recent stretch of dry weather around the US Midwest has allowed farmers to accelerate harvesting of summer crops, and many growers were gathering soybeans before corn. Rains slowed the pace of field work in the western Midwest on Thursday, but a drier pattern was expected in the upcoming week, forecasters said. The USDA is due to release