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333704

CBOT soy ends lower on concerns over export competition

CHICAGO, Sept 16 (Reuters) - Chicago Board of Trade soybean futures finished weaker on Friday on concerns over competition for soybean export sales from South America, traders said. * Argentine farmers increased sales of the country's 44 million-tonne 2021/22 soybean crop this week, after the government implemented a more favorable exchange rate for exports of the cash crop. * Weakness in outside markets and warnings of a global recession added pressure to CBOT soy futures, traders said. * Expectations that favorable weather will help U.S. crops finish developing and encourage early harvesting also weighed on prices, analysts said. * CBOT November soybeans closed 3 cents lower at $14.48-1/2 a bushel. The contract rose 2.6% this week. * CBOT December soymeal sank $6.30 to $421.70 a ton, and CBOT December soyoil rose 1.66 cents to 65.96 cents per lb. (Reporting by Tom Polansek; editing by Jonathan Oatis)

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