CBOT soybeans fall as good South America weather boosts crops
CHICAGO, Dec 4 (Reuters) -Chicago Board of Trade soybeans declined on Wednesday as favorable South American crop weather bolstered harvest prospects in Brazil and Argentina, while escalating U.S.-China trade tensions stoked demand concerns, analysts said.
CBOT January soybeans SF25 settled 8 cents lower at $9.83-3/4 a bushel.
September 2025 through November 2026 soybean futures hit fresh contract lows.
CBOT January soymeal SMF25 closed $1.50 higher at $291.90 per short ton.
CBOT January soyoil BOF25 fell 0.72 cent to settle at 41.42 cents per pound.
Recent rains across South American soy production areas continued to support crop development. Forecasters have lifted their Brazilian crop outlooks over the past week.
Rising trade tensions with China weighed on the market, traders said.
Soybeans and soyoil were pressured by news that Biden administration officials will not finalize guidelines on new clean fuel production tax credits before they leave office in January.
Soyoil futures retreated despite strong export demand. The U.S. Department of Agriculture on Wednesday confirmed private sales of 30,000 metric tons of U.S. soyoil to South Korea.
Reporting by Karl Plume in Chicago; Editing by Will Dunham
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