CBOT soybeans lower on global supply, export doubts
CHICAGO, March 4 (Reuters) - Chicago Board of Trade soybean futures turned slightly lower on Wednesday as focus turned toward an abundant global supply of grains and away from the ongoing conflict in Iran that temporarily boosted prices, analysts said.
Though some traders have shifted focus away from Middle Eastern tensions, high crude oil prices due to the conflict have continued to lend some underlying support to agricultural markets, given that crops including soybeans and corn are widely processed for biofuel.
Uncertainty over further Chinese demand for U.S. soybeans was acting as a brake on prices of the oilseed, as many market players are skeptical that China will make additional purchases of U.S. beans amid Brazil's bumper harvest.
Top U.S. and Chinese trade negotiators are expected to meet in mid-March, signalling that plans for a summit between U.S. President Donald Trump and China's Xi Jinping remain on track despite U.S. strikes on Iran, Bloomberg News reported.
CBOT May soybeans SK26 fell 1 cent to end at $11.69-1/2 per bushel.
CBOT May soyoil BOK26 rose 0.77 cent to end at 63.59 cents per pound.
CBOT May soymeal SMK26 fell $4.80 to end at $309.90 per short ton.
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