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335112

CBOT soybeans sink on demand worries, U.S. harvest pressure

CHICAGO, Oct 24 (Reuters) - U.S. soybean futures fell on Monday on rising supplies from the ongoing Midwest harvest and concerns about weak demand, traders said. * The benchmark Chicago Board of Trade November soybean futures contract ended down 23-1/2 cents at $13.72 a bushel. * CBOT December soymeal was $9.20 lower at $408.70 a ton and CBOT December soyoil gained 0.37 cent to 71.87 cents per lb. * China's soybean imports in September rose 12% from a year earlier to 7.72 million tonnes, customs data showed on Monday, reversing a monthslong trend of low arrivals. But worries remain that China's stringent COVID-19 restrictions would remain in place and may keep a lid on demand. * Analysts polled by Reuters ahead of a weekly U.S. Department of Agriculture (USDA) report expect the U.S. soybean harvest to be 77% complete as of Sunday. USDA data is due out later on Monday. * The USDA said 2.889 million tonnes of U.S. soybeans were inspected for export in the week ended Oct. 20, above trade estimates and the strongest week of soy inspections in nearly eight years. But season-to-date soy inspections remain 12% behind last year. * The planting of Brazil's 2022/2023 soy crop reached 34% of the estimated area, against 24% in the previous week and 38% in the same period last year, according to a survey by AgRural on Monday. (Reporting by Karl Plume; editing by Jonathan Oatis)

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