CBOT soybeans lower ahead of crop tour results, demand questions
CHICAGO, Aug 18 (Reuters) - Chicago Board of Trade soybean futures ended lower on Monday after seesawing most of the session as traders awaited the results of this week's ProFarmer crop tour in the U.S. Midwest.
The ProFarmer tour will survey corn and soy fields across the U.S. this week.
U.S. President Donald Trump last week urged China to quadruple its soybean purchases, but news was lacking about progress in U.S.-China trade talks, while U.S. soybean exporters are missing out on China sales.
The U.S. Department of Agriculture is expected to lower its U.S. corn and soybean crop ratings slightly in a weekly report on Monday, although ratings are likely to remain near historical highs, according to analysts surveyed by Reuters.
Good domestic demand for soybeans was supportive of futures after the National Oilseed Processors Association on Friday reported a record July U.S. crush, which was the fifth-largest for any month on record.
CBOT November soybeans SX25 settled 1-1/4 cents lower to $10.41-1/4 per bushel.
CBOT September soymeal SMU25 fell $3 to settle at $280.40 per short ton.
CBOT September soyoil BOU25 added 0.9 cents higher to close at 53.27 cents per pound.
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