CBOT soybeans edge down on rain, mild weather forecast
CHICAGO, Aug 28 (Reuters) -Chicago Board of Trade soybeans Sv1 retreated on Wednesday after a three-session bounce on pressure from milder U.S. Midwest weather and beneficial rains following a hot spell.
CBOT most-active November soybeans SX24 settled down 9-1/2 to $9.77 per bushel.
CBOT most-active December soymeal SMZ24 settled down $3.9 to $308.3 per short ton.
CBOT most-active December soyoil BOZ24 decreased by 0.3 cents to finish at 40.72 cents per pound.
Worries over a heat wave and lack of rainfall in large parts of the Midwest have underpinned prices in the past few sessions because of potential damage to the soybean crop during its key development stage.
However, recent rainfall has reduced dryness in many areas, though uncertainty remains over whether it will be enough to help the soybean crop reach its potential.
The USDA confirmed private sales of 264,000 metric tons of U.S. soybeans to China for delivery in the 2024-25 marketing year that begins Sept. 1.
Statistics Canada estimated Canada's 2024 canola crop at 19.5 million metric tons, up from 19.2 million tons in 2023 and above an average of analyst estimates for 19.217 million.
Reporting by Heather Schlitz; Editing by Mark Porter
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