Mumbai, October 7 (Commoditiescontrol) Soybean futures on the Chicago Board of Trade (CBOT) dropped to their lowest since July 25 on Thursday, pressured by reports of better-than-expected harvest yields and concerns that low water levels on the Mississippi River could cut into U.S. exports.
Soymeal futures also hit their lowest since July 25, with concerns about a weakening global economy eating into demand pressuring the market.
Soybean export sales totaled 777,100 tonnes in the week ended Sept. 29, the U.S. Agriculture Department said on Thursday morning. That was down nearly 23% from a week earlier but in line with market expectations for 500,000 to 1.2 million tonnes....
Soymeal export sales of 120,400 tonnes and soyoil export sales of 1,000 tonnes also were in line with trade forecasts.
The benchmark CBOT November soybean futures contract shed 11-3/4 cents to settle at $13.58 a bushel.
Soybeans bottomed out at $13.50 a bushel.
CBOT December soymeal dropped $5.10 to $393.40 a ton and CBOT December soyoil gained 0.48 cent to 66.02 cents per lb
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