CBOT soybeans end lower on wetter US forecasts, profit-taking

CHICAGO: Soybean futures on the Chicago Board of Trade fell for a second day on Wednesday on profit-taking and forecasts for much-needed rain in the US Midwest next week, traders said, although the market pared losses toward the closing bell.

* The thinly traded August soybean and soymeal contracts, which are in delivery, posted the biggest declines on profit-taking, spread liquidation and weakening cash markets.

* Rain is forecast for next week in western portions of the drought-stressed US Midwest but midday updates indicated lighter quantities than originally expected, an agricultural meteorologist said.

* CBOT reported no deliveries against August for soybeans or soymeal, while soyoil deliveries totaled 2,656 contracts.

* CIF soybean basis bids at the US Gulf steadied after falling sharply over the past three days. Demand from domestic processors and from exporters was minimal.

* CBOT November soybeans rallied late to close above the 10-day moving average near $16.22, after trading below it for most of the open-outcry session. The nine-day relative strength index for the contract ended at 60, in technically neutral territory.

Source: Reuters