Soyabean futures at the Chicago Board of Trade dropped to a one-week low early on Thursday amid good crop weather in the Midwest and on crop tour findings this week of solid soya yield potential, traders said.
At 10:23 am CDT (1523 GMT), CBOT soya was down 4 to 10-1/4 cents per bushel. September was down 9-1/2 at $5.93 per bushel. New-crop November was down 9-3/4 at $6.03.
Pit sources said locals were the main sellers and Cargill Investor Services sold 200 November.
Crop scouts on the John Deere Pro Farmer crop tour of the Midwest said overnight Wednesday that the soya yield potential in western Iowa matched or was higher than the tour findings of a year ago. Crop scouts in Illinois said about average soya yields could be expected if rains come soon.
Pro Farmer will release an estimate for this year's US soya crop late on Friday.
August weather that has been conducive to soya pod setting and pod filling was a key fundamental reason for declines in soyabean futures, traders said.
Meteorlogix weather early Thursday said showers would move through the western Midwest Thursday and Friday and it will be dry on Saturday. Showers were expected in the eastern Midwest overnight Thursday and continuing through early Saturday. Temperatures will be normal to above-normal over the next several days, Meteorlogix said.
Technical support in the November contract at $6.07 per bushel was broken, driving the contract to a session low of $6.02. Resistance was at $6.15-1/4. The nine-day relative strength index for November closed Wednesday at 29, below the benchmark 30 level that technical traders view as an oversold mark.
Soyameal was 60 cents to $2.80 per bushel lower following the sliding soya with further weight on the market from the Census Bureau's July crush report.
September was down $2.70 at $185.60 per ton.
The Census Bureau's July crush report released early Thursday was bearish for soyameal futures. Census pegged US soyameal stocks at the end of July at 382,145 tons, above an average of analysts' estimates for 315,000 tons.
Soyaoil was 0.05 to 0.22 cent per lb lower amid the fall in soyabeans along with weight from the Census Bureau's July crush report.
September was down 0.20 at 22.30 cents per lb.
The Census Bureau's July crush report released early Thursday was bearish for soyaoil futures. Census pegged US soyaoil stocks at the end of July at 1.961 billion lbs, above an average of analysts' estimates for 1.867 billion.