CBOT soybeans end lower on Brazil rains, spillover weakness from wheat
CHICAGO, Oct 18 (Reuters) -Chicago Board of Trade soybean futures ended lower on Friday on improving planting weather in Brazil, hedge-related selling as the U.S. harvest winds down and spillover pressure from wheat, traders said.
CBOT November soybeans SX24 settled down 18-3/4 cents at $9.70 per bushel. However, for the week, the November contract fell 35-1/2 cents a bushel or 3.5%.
The November contract SX24 stretched its discount to the January SF25 contract back out to 13 cents, a day after strong demand at the U.S. Gulf export terminal narrowed the spread to 9 cents.
CBOT December soymeal SMZ24 ended down $2.50 on Friday at $315.60 per short ton and December soyoil BOZ24 fell 0.77 cent to finish at 41.82 cents per pound.
Widespread rains in central Brazil this week were expected to improve soy planting prospects.
Meanwhile, forecasts called for favorably dry weekend weather for field work in most of the U.S. Midwest, where farmers are finishing the soybean harvest and moving on to corn, brokers said.
The U.S. Department of Agriculture reported export sales of U.S. soybeans in the week ended Oct. 10 at 1,702,700 metric tons, in line with trade expectations for 1,000,000 to 2,200,000 tons. EXP/SOY
Under its daily reporting rules, the USDA confirmed private sales of 292,800 metric tons of U.S. soybeans for delivery to undisclosed destinations and 21,000 tons of soyoil to Mexico.
Reporting by Julie Ingwersen
Editing by Marguerita Choy
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