CBOT soybeans fall on profit-taking, South American crop prospects

CHICAGO, Jan 16 (Reuters) - Chicago Board of Trade soybean futures fell more than 2% on Thursday as improving weather outlooks for crop areas of Argentina and expectations of a large Brazilian soy harvest triggered profit-taking, traders said.

• CBOT March soybeans SH25 settled down 23-3/4 cents, or 2.3%, at $10.19 per bushel, finding support near the contract's 100-day moving average. The March contract has retreated from a three-month high recorded on Tuesday at $10.64.

• CBOT March soymeal SMH25 ended Thursday down $7.60, or 2.5%, at $294.40 per short ton and March soyoil BOH25 fell 1.24 cents, or 2.7%, at 45.03 cents per pound.

• Forecasts called for weekend showers in Argentina and marginally cooler temperatures next week, potentially easing crop stress in the world's top exporter of soymeal and soyoil.

• Argentina's largest agricultural groups asked the government to offer tax relief for the sector, which they said was in a critical situation due to drought and low crop prices.

• Meanwhile, Brazilian agribusiness consultancy Agroconsult raised its forecast of the country's soybean crop to a record 172.4 million metric tons, from 172.2 million previously, ahead of a crop tour.

• The U.S. Department of Agriculture reported export sales of U.S. soybeans in the week ended Jan. 9 at 569,100 metric tons, in line with trade expectations for 300,000 to 800,000 tons. EXP/SOY

• In addition, under its daily reporting rules, the USDA confirmed private sales of 132,000 metric tons of U.S. soybeans to China.

• Malaysian palm oil futures FCPOc3 fell for a third-straight session and ended at their lowest closing price in more than three months, dragged down by weakness in rival vegetable oils and muted demand. POI/

(Reporting by Julie Ingwersen; Editing by Rod Nickel)

((Julie.ingwersen@thomsonreuters.com; 1-313-484-5283; Reuters Messaging: julie.ingwersen.thomsonreuters.com@reuters.net))