US: Soybeans and soybean meal fall on CBOT

Soybean futures on the Chicago Mercantile Exchange fell Wednesday on forecasts of favorable rains next week in the soybean belt of northern Brazil and possible delays in anti-forestry rules in Europe, market analysts said. CBOT November soybean futures fell 1-1/4 cents to $10.56 a bushel. Most-active December soymeal ended the day down $7.10 at $340.40 a short ton, while October futures ended the day down $8.60 at $341.40 a ton. CBOT benchmark December soybean oil rose 73 cents to 43.64 cents a pound. The European Commission said Wednesday it would propose delaying its anti-deforestation policy by a year, following calls from industries and countries to do so. The rules have recently boosted demand for U.S. soybean meal relative to supplies from South America, market analysts said. Some forecasts of much-needed rain next week in northern Brazil, where dry weather has delayed planting, also weighed on soybean futures on the day. Brokerage StoneX raised its 2024 U.S. yield forecast ...