Chicago Board of Trade soyabean contracts ended Wednesday on a negative note, as US harvest pressures continued to weigh on the market and soyameal futures weakened, traders said. CBOT November soyabeans, the most-active contract, settled down 7-1/4 cents at $8.50-1/4 a bushel. The contract dipped to $8.50 a bushel in midday trading, its lowest point since October 11. CBOT December soyameal ended down $4.60 at $306.10 per short ton and December soyaoil fell 0.15 cent to 28.61 cents per pound.
Egypt's GASC said on Wednesday it bought 26,000 tonnes of soyaoil in a snap tender. Traders said the increasing pace of the harvest in the Midwest has revealed that there is some weather-related crop damage to corn and soyabeans. But several traders said such worries are far outweighed by pressure from an expected bumper harvest.
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