Soybean futures on the Chicago Board of Trade fell Friday for the fifth session in the last six as forecasts for welcome rains next week in the US Midwest bolstered crop prospects, traders said. The forecasts pressed a market still reeling from worries about demand from top buyer China after this week's currency devaluation, and a larger-than-expected US soybean harvest forecast released by the USDA on Wednesday.
Additional pressure from traders unwinding long soybean/short corn spreads. For the week, benchmark November soybeans fell 46-3/4 cents per bushel, or 4.9 percent, the biggest weekly drop for a most-active soybean contract since January. Traders await field reports from next week's Pro Farmer Midwest crop tour that they will compare against the USDA's state yield figures.
Market also preparing for monthly July data due Monday from the National Oilseed Processors Association. The average analyst estimate of NOPA's July soy crush was 141.5 million bushels, down from 142.5 million in June. CBOT soymeal followed soybeans lower. CBOT soyoil ended mostly higher on oil/meal spreading. CBOT August contracts expired amid little fanfare, with August soybeans down 14-1/2 cents on the day at $9.78-1/2 a bushel. CBOT reported no August deliveries of soybean or soymeal, while August soyoil deliveries in the last day totaled 16 contracts.
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