CBOT Soybeans Weaken Amid Harvest Pressure

Soybean futures at the Chicago Board of Trade (CBOT) weakened on Friday due to seasonal harvest pressure. The U.S. processors crushed 209.6 million bushels of soybeans in August, a decline of 5.5% from July but an increase of 5.9% from the same month last year.

The tight soyoil stocks also weighed on values, with a 13.6% decrease from the previous month at 1.696 billion pounds. However, end-user bargain hunting provided some support to the futures.

Corn futures were also lower, settling below the psychological $5.00 per bushel level in the December contract. The large carryout supplies and looming harvest contributed to the decline, but private export sales of 218,600 tonnes of corn to Mexico provided some support.