Soybeans Slip as CBOT Corn Futures Rebound
Soybean futures at the Chicago Board of Trade (CBOT) took a hit on Thursday, weighed down by seasonal harvest pressure and liquidation of speculative fund longs.
The weekly U.S. soybean export sales came in at just over a million tonnes, higher than trade expectations but up only 77 per cent from the previous week.
The quarterly stocks data showed 315 million bushels of soybeans as of September 1, slightly below average estimates and down 10 million bushels from the same point last year.
Corn futures managed to settle with small gains on Thursday, following a modest correction after Wednesday's selloff.
The quarterly U.S. corn stocks came in at 2.1 billion bushels, topping trade estimates and nearly half a billion bushels above last year's level.