Chicago soybeans fall on active harvests despite China buying demand

Business Recorder reported that Chicago Board of Trade soybean futures fell further on Thursday, with the most-traded contract down 0.4% at $12.71-3/4 a bushel by 0426 GMT. The decline came as farmers across the US Midwest kept harvesting at a fast pace, adding to available supplies. Losses were capped, however, by a renewed run of Chinese purchases of American cargoes.

Wheat and corn also moved lower, with CBOT wheat off 0.7% at $6.68-1/4 a bushel and corn down 0.4% at $4.79. Dry weather across the Midwest over the previous week let growers speed up their harvest after rain had delayed work earlier in autumn. Midweek showers halted fieldwork, though forecasters expect drier conditions in the coming days.

The USDA said 46% of the US soybean crop was harvested by Sunday, ahead of the 44% that analysts surveyed by Reuters had anticipated. Analysts also expect the National Oilseed Processors Association to show its September crush at a one-year low, with data due Thursday. Government buyers from China reserved eight to ten US cargoes on Tuesday, while a Wednesday USDA export report logged private sales of 470,000 metric tons bound for China.