CBOT soybeans fall on expected huge U.S. crop, China economic concern
CHICAGO, Aug 16 (Reuters) -Chicago Board of Trade soybeans Sv1 fell on Friday, and ended the week lower, amid forecasts of record U.S. yields, renewed concern about China's economy and sluggish Chinese demand for new-crop U.S. soybeans.
CBOT September soybeans SU24 settled down 12-3/4 cents at $9.38-3/4 a bushel.
Most-active November soybeans SX24 ended down 11-1/2 cents at $9.57 a bushel. During the session, the contract set a new low of $9.55 a bushel.
For the week, most active soybean futures Sv1 ended nearly 4.54% lower - the third weekly loss in a row.
CBOT most-active December soymeal SMZ24 settled $5.60 at $302.10 per short ton.
CBOT most-active December soyoil BOZ24 rose 0.16 cent to finish at 38.67 cents per pound.
Soybeans hit a third weekly drop as expectations of a record crop were forecast by the U.S. Department of Agriculture earlier in the week and sluggish demand from top importer China weighed on prices.
A weaker dollar and higher-than-expected weekly U.S. soybean export sales helped prices recover mid-week.
Soybean futures were pressured by renewed concern about China's economy, which pushed crude oil lower. O/R
Reporting by Renee Hickman and Heather Schlitz in Chicago; Editing by Mohammed Safi Shamsi
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