CBOT soybeans close down on benign US crop weather
Chicago Board of Trade soybean futures closed down on Tuesday as benign U.S. crop weather raised expectations for a large harvest, analysts said.
Weather has been largely non-threatening for U.S. soy and corn crops, and large harvests would add to bumper production in rival exporter Brazil.
The U.S. Department of Agriculture rated 66% of the nation's soybean crop as good to excellent in a report issued after trading ended on Monday. That was unchanged from last week and down from 68% at this same time last year.
Traders worried that tariff disputes with trading partners may hurt demand for U.S. crops at a time when farmers are expected to produce large yields.
U.S. President Donald Trump has broadened his global trade war, announcing a 50% duty on imported copper and higher tariffs on goods from 14 nations.
Exporters sold 144,000 metric tons of U.S. soymeal to the Philippines, the USDA said via a daily reporting system.
CBOT November soybeans (SX25) ended 3-1/4 cents lower at $10.17-1/2 a bushel.
CBOT August soymeal (SMQ25) closed down $1.50 at $270.70 per short ton. August soyoil (BOQ25) finished up 0.17 cent at 54.11 cents per pound.
