CBOT soybeans tumble on weak demand, beneficial weather
CHICAGO, July 30 (Reuters) -Chicago Board of Trade soybean futures Sv1 closed near four-year lows on Tuesday on weak Chinese demand for U.S. soy, positive crop conditions and beneficial rain expected over the U.S. Midwest.
August soybeans SQ24 ended down 27-1/2 cents at $10.27-1/4 per bushel after hitting a contract low of $10.23-3/4.
Most-active November soybeans SX24 settled down 18-1/4 cents at $10.21-1/4 per bushel, a day after dipping to $10.18, the lowest on a continuous chart of the most-active contract Sv1 since October 2020.
CBOT August soymeal SMQ24 ended down $3.50 at $352 per short ton.
CBOT August soyoil BOQ24 ended down 0.09 cent at 42.75 cents per pound.
Analysts said a lack of purchases from China and U.S. farmers sitting on a large supply of old-crop soybeans pressured prices.
The USDA late Monday rated 67% of the U.S. soybean crop in good to excellent condition, down 1 percentage point from a week ago but in line with trade expectations and still the highest for this time of the year since 2020.
Reporting by Heather Schlitz; Editing by Richard Chang
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