CBOT soybeans extend heavy losses on record production forecast
CHICAGO, Aug 13 (Reuters) -Chicago Board of Trade soybean futures continued losing ground on Tuesday after the previous day's report from the U.S. Department of Agriculture forecasting a record U.S. soybean crop, hitting another four-year low.
CBOT August soybeans SQ24 ended down 23 cents at $9.89 per bushel.
Most-active November soybeans SX24 settled down 23-1/2 cents at $9.62-1/2 per bushel, the lowest since September 2020.
CBOT most-active December soymeal SMZ24 settled down $5.40 at $299.20 per short ton.
CBOT most-active CBOT December soyoil BOZ24 settled down 1.38 cents at 39.09 cents per pound.
The market is under pressure after the USDA on Monday projected a record U.S. soy harvest and increased its outlook for 2024-25 ending stocks to 560 million bushels, up 62% from the previous year.
A weekly USDA report, issued after trading ended on Monday, kept good-excellent conditions ratings unchanged for soy crops. Analysts expected slight declines.
The USDA said exporters sold 132,000 tons of soybeans to China for 2024/2025 delivery.
Reporting by Renee Hickman; editing by Jonathan Oatis
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