CBOT soybeans dip on expectations for US harvest progress
CHICAGO, Sept 13 (Reuters) -Chicago Board of Trade soybean futures closed lower on Friday under pressure from expectations for U.S. harvesting to advance, brokers said.
CBOT November soybeans SX24 settled down 4-1/2 cents at $10.06-1/4 per bushel and were up 0.1% for the week.
The market pulled back after earlier rising to a one-week high.
CBOT December soymeal SMZ24 ended down $0.30 at $322.90 per short ton, and December soyoil BOZ24 sagged 0.86 cent to close at 38.93 cents per pound.
The U.S. Department of Agriculture is expected to report on national 2024 U.S. soy harvest progress for the first time this year in a weekly report on Monday. Harvesting has already been underway in southern states.
Exporters sold 100,000 metric tons of U.S. soybeans to top importer China for 2024/25 delivery, USDA said in a daily reporting system. Still, traders worry about slow Chinese demand.
USDA, in a monthly supply/demand report on Thursday, left its estimate of the U.S. 2024 soybean yield at a record-high 53.2 bushels per acre, unchanged from August and matching traders' expectations. Some traders said USDA may reduce its estimate next month following dry weather.
Reporting by Tom Polansek; editing by Jonathan Oatis
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