Soybean falls due to harvest pressure after a maximum of two years

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Soybean falls due to harvest pressure after a maximum of two years




IMAGE FROM FILE. Soy plants are seen in front of a truck that unloads soy in bag silo on a farm in Chivilcoy, on the outskirts of Buenos Aires, Argentina


© Reuters / AGUSTIN MARCARIAN
IMAGE FROM FILE. Soy plants are seen in front of a truck that unloads soy in bag silo on a farm in Chivilcoy, on the outskirts of Buenos Aires, Argentina


Por Christopher Walljasper

CHICAGO, US, Oct 12 (Reuters) – Chicago soybean futures fell sharply on Monday as harvest pressure pushed the market down, traders said.

* Corn followed soybeans lower, while wheat finished slightly higher on concerns that dryness in the US Great Plains could limit winter grain growth.

* The most active soybeans on the Chicago Stock Exchange fell 31.75 cents to $ 10.3375 a bushel, the biggest drop since March 16.

* Corn lost 6 cents to $ 3.89 per bushel and wheat rose half a cent to $ 5.9425 per bushel.

* Soybeans fell from a two-year high on Friday, when the US Department of Agriculture cut supply estimates.

* The lack of export sales left room for market pressure to consolidate, traders said.

* The US bond market and federal agencies were closed on Monday for Columbus Day.

* “The USDA is closed. It shouldn’t be a surprise, but the market doesn’t like that we didn’t see any sudden sell-offs this morning,” said Ted Seifried, vice president of the Zaner Group.

* USDA is expected to report harvest progress in its weekly report on Tuesday after grain markets close.

(Report by Christopher Walljasper, Edited in Spanish by Javier López de Lérida)

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