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CBOT soybeans slump as rain forecasts dampen US heat wave concerns

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CHICAGO, June 17 (Reuters) -Chicago Board of Trade soybean futures fell sharply on Monday, as fund selling pressure seen on Friday continued to roll into a short holiday trading week, traders said.

  • CBOT July soybeans SN24 ended down 22 cents at $11.57-3/4 a bushel.

  • CBOT July soymeal SMN24 closed $8.10 lower at $360.30 per short ton.

  • CBOT July soyoil BON24 finished 0.05 cent higher at 43.73 cents per pound.

  • The USDA reported export inspections of U.S. soybeans in the latest week at 334,237 metric tons, in line with trade expectations for 200,000 to 400,000 tons. USDA/I

  • Hot and dry weather is expected across the southeastern and eastern corn belt over the next 15 days, forecaster Maxar said. The conditions will increase dryness concerns and stress on corn and soybeans, the firm said.

  • But rainy weather expected in the U.S. Corn Belt is expected to limit the effects of heat stress to the fledgling crop, trade analysts said.

  • And the timing of the heat wave eased some market participants' concerns: The key period of development for soybean crops is not until August.

  • The U.S. Department of Agriculture is slated to issue weekly crop-progress data for U.S. corn and soybeans on Monday, and some analysts said they expect slight declines in good-excellent ratings.

  • A monthly National Oilseed Processors Association (NOPA) report on Monday topped most trade estimates, and showed that the U.S. soy crush rebounded in May from a seven-month low the prior month as processors churned through more beans than any previous May on record.

Reporting by P.J. Huffstutter Editing by Sandra Maler


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