CBOT soybeans tick lower on technical trading
CHICAGO, Aug 19 (Reuters) - Chicago Board of Trade soybean futures fell on profit-taking on Tuesday, with the market also underpinned by last week's reduced U.S. government forecast for the autumn harvest.
The USDA held its soybean crop condition rating steady in a weekly report on Monday. The 68% good-to-excellent rating matched last year's, which was the strongest since 2020.
Crop scouts on the annual Pro Farmer Midwest crop tour estimated better-than-average soybean pod counts in Ohio and South Dakota on Monday.
Scouts encountered mud in some South Dakota fields, indicating moisture that should bolster corn and soybean development in the weeks before harvest.
Traders are awaiting further reports from day 2 of the tour, with scouts surveying fields in Indiana and Nebraska.
The USDA confirmed private sales of 228,606 metric tons of new-crop U.S. soybeans to Mexico.
CBOT November soybeans SX25 settled 7-1/2 cents lower to $10.33-3/4 per bushel.
CBOT September soymeal SMU25 rose $7 to settle at $287.40 per short ton.
CBOT September soyoil BOU25 fell 1.59 cents to settle at 51.68 cents per pound.
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