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333630

CBOT soybeans drop on technical setback, profit-taking

CHICAGO, Sept 14 (Reuters) - Chicago Board of Trade soybean futures fell 1.6% on Wednesday, with technical selling and profit-taking in focus following the market's surge on Monday, traders said. * Concerns about export demand for U.S. supplies added pressure due to strong competition on the global market. Argentine farmers have sold 15.2% of the country's 44 million tonne 2021/22 soybean crop in seven days since the government implemented a more favorable exchange rate for exports. * On the eve of sowing what could be a record 150 million tonne soybean crop, Brazilian farmers are optimistic after a drought spoiled part of last season's output. * Resistance for the benchmark CBOT November soybean futures contract was noted at the high end of its 20-day Bollinger range. * CBOT November soybeans lost 23-3/4 cents to settle at $14.55 a bushel. * CBOT December soymeal dipped 70 cents to $423.10 a ton and CBOT December soyoil fell 1.86 cents to 64.87 cents per lb. * December soyoil fell below its 10-day and 20-day moving averages. * Analysts were expecting a U.S. Agriculture Department report on Thursday morning to show that weekly export sales of corn were in a range between 300,000 and 900,000 tonnes. The USDA has not published its weekly export sales report since a technical issue on Aug. 25. (Reporting by Mark Weinraub; Editing by Lisa Shumaker)

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