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CBOT soybeans drop on technical setback

CHICAGO, Aug 25 (Reuters) - U.S. soybean futures fell on Thursday on technical selling after rising to their highest in more than three weeks on Wednesday, traders said. * Although the most-active contract hit its highest since July 29 on Wednesday, it closed in negative territory, which traders viewed as a bearish signal. * But prices remained within recent ranges as traders monitored crop potential in the U.S. Midwest. * Chicago Board of Trade November soybean futures settled down 25-34 cents at $14.31-1/4 a bushel. * CBOT December soymeal was $15 lower at $414.30 a ton and CBOT December soyoil dipped 0.07 cent to 65.91 cents per lb. * The Pro Farmer Midwest Crop Tour found that soybean pod counts in a 3-by-3-foot square in Illinois, the top soybean producing state, averaged 1,249.70. That was down from 2021 but above the three-year average. * Soybean pod counts in western Iowa were mixed. (Reporting by Mark Weinraub; Editing by Richard Chang)

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