CBOT soybeans close lower, pressured by crude oil drop

CHICAGO: Chicago Board of Trade soybean futures fell on Wednesday as investors locked in profits after a rally on Tuesday, traders said.

* A sharp decline in the crude oil market added pressure to soybean futures.

* Analysts' estimates for a US Agriculture Department report on Thursday morning forecast weekly export sales of soybeans in a range between 150,000 and 700,000 tonnes. A week ago, soybean export sales totaled 419,914 tonnes.

* The National Oilseed Processors Association's monthly report on Thursday was expected to show that its members, which handle about 95 percent of all soybeans processed in the United States, crushed 155.826 million bushels of soybeans during June, according to the average of estimates from nine analysts surveyed by Reuters.

* Resistance for the benchmark CBOT November soybean futures contract was noted around its 30-day moving average.

* Soymeal futures also were lower, with the December contract hitting resistance at its 20-day moving average.

* Soyoil futures closed slightly higher. Technical support for the December contract was noted at its 200-day moving average for the third day in a row.