CBOT soybeans end lower on prospects for bumper Brazilian crop
CHICAGO, Nov 19 (Reuters) -Chicago Board of Trade soybean futures ended lower on Tuesday, with the benchmark contract Sv1 dipping back below $10 a bushel as favorable Brazilian weather bolstered expectations for a massive crop in the world's No. 1 soy producer, traders said.
CBOT January soybeans SF24 settled down 11-1/4 cents at $9.98-1/2 per bushel.
CBOT December soymeal SMZ24 ended down $1.70 at $288.60 per short ton and December soyoil BOZ24 fell 0.68 cent to finish at 44.84 cents per pound.
Oilseed lobby Abiove projected Brazil's harvest at 167.7 million tons, a volume that should lift soy exports and domestic processing to record highs, the group said. The U.S. Department of Agriculture has forecast Brazil's crop at 169 million tons.
Planting of Brazil's 2024/25 soybean crop is about 80% complete.
The South American country will announce farm agreements with China, its biggest trade partner, on Wednesday ahead of scheduled meetings with Chinese President Xi Jinping, Brazil's agriculture minister said, adding the deals would potentially cover fruit, beef and pork.
Reporting by Julie Ingwersen; editing by Jonathan Oatis
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