CBOT soybean futures sink to lowest since October on hefty supplies

CHICAGO, Jan 13 (Reuters) - Chicago Board of Trade soybean futures slid on Tuesday to the lowest point in more than 2-1/2 months, pressured by big supplies and favorable crop development weather in rival exporter Brazil, traders said.

• The U.S. Department of Agriculture on Monday said the U.S. harvest was larger than many traders and analysts expected, while also cutting its outlook for U.S. exports this season and raising its view of Brazil's harvest.

• Rains in parts of Brazil are expected to boost what is broadly expected to be a record-large crop.

• Soybean prices also remained anchored by concerns that a recent flurry of Chinese purchases of U.S. shipments could abruptly halt once Brazil's harvest ramps up and as Beijing reaches a 12-million-metric-ton target for purchases of the current U.S. crop.

• The USDA on Tuesday said private exporters reported sales of 168,000 metric tons of U.S. soy to China along with 152,404 tons in sales to Mexico.

• China's state stockpiler Sinograin sold all 1.1 million metric tons of soybeans offered at its fourth auction since December on Tuesday, traders said, as it moves to draw down inventories ahead of incoming U.S. shipments.

• CBOT March soybeans SH26 settled 10-1/4 cents lower at $10.38-3/4 a bushel. During the session, the most-active contract Sv1 dipped to $10.37-3/4 a bushel, the lowest price since October 23.

• CBOT March soymeal SMH26 fell $6.70 to end at $291.60 per short ton.

• CBOT March soyoil BOH26 rose 0.93 cent to close at a one-month high of 51.20 cents per pound, supported by hopes for improving demand from biofuels producers.