CBOT soybean, soymeal lower on possible anti-deforestation rules delay
CHICAGO, Oct 2 (Reuters) -Chicago Board of Trade soybean futures turned lower on Wednesday on outlooks for beneficial rains next week in northern Brazil's soy belt and potential delays on anti-deforestation rules in Europe, market analysts said.
CBOT November soybeans SX24 settled down 1-1/4 cents at $10.56 a bushel.
Most-active December soymeal SMZ24 ended the day down $7.10 at $340.40 per short ton, while front-month October SMV24 finished down $8.60 at $341.40 a ton.
CBOT's benchmark December soyoil BOZ24 contract ended up 0.73 cent at 43.64 cents per pound.
The European Commission said on Wednesday it would propose delaying the implementation of its policy to fight deforestation by a year, following calls from industries and countries to do so.
The rules have helped bolster demand for U.S. soymeal over South American supplies recently, market analysts said.
Some forecasts for much-needed rains next week in northern Brazil, where dry weather has stalled planting, also pressured soybean futures on the day.
Commodity brokerage StoneX on Tuesday raised its forecast of the U.S. 2024 yield to 53.5 bushels per acre, up from its previous figure of 53.0 bpa.
Reporting by P.J. Huffstutter; Editing by Richard Chang
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