Soybean futures on the Chicago Board of Trade declined on Wednesday on a profit-taking setback after Tuesday's dollar-driven rally, along with pressure from optimal US harvest weather, traders said. Market underpinned by uncertainty ahead of Friday's USDA crop report and brisk export demand, especially from China. Continued dollar weakness also lent underlying support.
CBOT November soybeans ended down 9-3/4 cents at $10.62 a bushel and stayed inside Tuesday's trading range. December soymeal down $3.50 at $295.80 per ton. December soyoil down 0.04 cent at 43.78 cents per lb. Commodity funds sold an estimated 3,000 soybean contracts, 1,000 soymeal and 1,000 soyoil. Ahead of USDA's October 8 report, US 2010/11 soybean ending stocks seen at 337 million bushels, down from 350 million in September - analyst poll. Lanworth pegs US soybean production at 3.357 billion bushels, yield 43.6 bu/acre; both below USDA.
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