CBOT soybeans fall on heavy harvest pressure, Brazil expects rain

Gold Ten Futures, October 9, according to foreign media reports, on Tuesday, the Chicago Board of Trade (CBOT) soybean futures closed down, of which the base period closed down about 1.7%. This is because the US autumn grain harvest is going well, and there will be rain in drought-affected Brazilian agricultural production areas, strengthening the expectation of abundant global supply. The weekly crop progress report released by the US Department of Agriculture on Tuesday shows that as of Sunday, the US soybean harvest has been completed by 47%, higher than the five-year average of 34%. Soybeans have a good or good rate of 63%, which is the highest for the same period since 2020. The weather forecast shows that some parts of Brazil will see rain, which will help farmers resume soybean planting. Previously, the soil was too dry, and farmers delayed soybean planting. Traders are also turning their attention to the USDA's forthcoming supply and demand report on Saturday, which will include updated estimates for US corn and soyabean harvests, both of which the USDA last month forecast record yields.