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Soybean contracts closed down by 10 to 13 cents on Tuesday, with November soybeans at $11.08 1/4, and nearby cash at $10.46 1/2. A total of 1,088 deliveries were issued for the month after 204 on the overnight session. Soymeal futures fell by $3.80 to $4.50, while Soy Oil futures decreased by 18 to 31 points.
Bangladesh has agreed to increase its purchases of U.S. soybeans and meal to $1.25 billion over the next 12 months, nearly triple last year’s purchases. Additionally, S&P Global estimates the U.S. soybean yield at 53 bushels per acre, with production at 4.26 billion bushels.
EU soybean imports from July 1 to November 2 are estimated at 3.81 million metric tons, down 0.78 million metric tons from the same period last year.
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