CBOT soybean futures ease after choppy trading session
CHICAGO, July 22 (Reuters) - Chicago Board of Trade soybean futures closed modestly lower on Tuesday after a choppy session in which futures turned higher at times on support from a decline in U.S. crop ratings and news that U.S. and Chinese trade officials will meet to discuss an August 12 deadline for a deal to avert sharply higher tariffs.
U.S. Treasury Secretary Scott Bessent said on Tuesday that he will meet his Chinese counterpart next week in Stockholm. Bessent said the Trump administration was focused on striking high-quality trade deals, not just quick ones.
U.S. weather continued to weigh on prices, market analysts said.
Traders had been concerned that high temperatures in the U.S. Midwest would damage yields, but after a brief burst of heat mid-week, showers are expected to limit crop stress, said Commodity Weather Group.
Soy futures continue to see pressure from Monday's crop progress report from the U.S. Department of Agriculture, which rated 68% of U.S. soybeans in good-to-excellent condition, down from 70% and below the average analyst estimate.
CBOT's most-active November soybean futures SX25 settled 1/2-cent lower at $10.25-1/2 a bushel.
CBOT's August soymeal futures SMQ25 rose $3.30 to settle at $273.80 per short ton. Most-active December soymeal futures SMZ25 jumped $2.00, closing at $286.80 per short ton.
CBOT's August soyoil BOQ25 settled down 0.44 cent at 55.63 cents per pound, while December soyoil futures BOZ25 fell 0.43 cent at 55.39 cents per pound.
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