Soybeans Fall On Traders Expecting Bearish USDA Production Report

Chicago Board of Trade soybean futures slumped on Monday, as traders jockeyed for position on what is shaping up to be a large U.S. harvest and ahead of a U.S. production forecast this week that is expected to be bearish.

CBOT November soybeans settled down 14.75 cents at $12.28-1/4 a bushel. CBOT December soyoil was off 1 cent at 60.51 cents per lb, and CBOT December soymeal was $1.60 lower at $317.10 per ton.

Rains across the U.S. Midwest has slowed corn and soybean harvests, but weather forecasts are calling for drier days by the end of the week, according to meteorologists at the Commodity Weather Group. And weekend rains in Brazil have remained fairly widespread, aiding crop growth.

Soyoil futures continued to slip amid profit-taking after touching their highest since mid-August.