US soybean futures closed lower after an early climb on prospects for a huge US soy harvest. CBOT November soy down 2-1/2 cents at $9.17 a bushel. Funds sold 1,000 lots. Reports continue that harvest yields will be huge this season. Corn-soy spreading weighs on beans.
USDA late on Monday said 5 percent of the US soybean crop was harvested, below the five-year average of 18 percent. Cash soybean bids mixed around Midwest early on Tuesday, weakening in Iowa due to new-crop sales but firm in areas such as Indiana where harvest is off to a slow start.
No crop-killing freeze in US Midwest on Tuesday morning but rains to slow harvest. Weekend rains help replenish soil moisture in key Argentine soybean growing areas. Taiwan's Taichung BSPA to tender for soybeans on Thursday. Oil World sees booming US soy exports from October. Rising EU rape oil demand to boost prices - Oil World. CBOT October soymeal down 50 cents at $288 a ton; December up 30 cents at $284.80.
Soymeal basis offers hold firm in eastern locations were soy harvest and movement spotting. But meal basis falling hard in Iowa; down $20 in Des Moines and Cedar Rapids. Funds bought 500 lots. CBOT October soyoil up 0.23 cent at 33.47 cents per lb; December up 0.22 cent to 33.85 cents. Rebounded late on short-covering. Funds bought 1,000 lots. Palm up from two-week lows on better demand prospects.