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CBOT soybeans drop on profit taking, cash market weakness

CHICAGO, Aug 24 (Reuters) - Chicago Board of Trade soybean futures fell on Wednesday, setting back after hitting their highest in more than three weeks on a round of profit taking, traders said. * Some weakness in the cash market, stemming from a round of farmer sales, contributed further pressure to soy futures. * Losses were kept in check by concerns that U.S. harvest will come in smaller than expected as well as signs of strong export demand amid tight global stocks. * Private exporters reported the sale of 517,000 tonnes of soybeans for delivery to China during the 2022/23 marketing year, the U.S. Agriculture Department said. * The benchmark Chicago Board of Trade November soybean futures contract settled down 4 cents at $14.57 a bushel. * CBOT December soyoil futures shed 0.94 cent to 65.98 cents per lb and CBOT December soymeal was up $2.10 at $429.30 a ton. * The Pro Farmer Midwest Crop Tour on Tuesday evening released data that showed scouts calculated average soybean pod counts in a 3-by-3-foot square in Indiana fields at 1,165.97, down from a year ago but above the tour's three-year average for the state. * Pod counts in Nebraska were pegged at 1,063.72, below 2021 and the three-year average. * Brazil's food supply and statistics agency Conab predicted on Wednesday the country's soybean crop will rise to a record 150.36 million tonnes in the 2022/23 marketing year. (Reporting by Mark Weinraub; Editing by Richard Chang)

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