CBOT soybeans fall on profit-taking, favourable Midwest crop weather

Chicago Board of Trade soybean futures fell for the first time in five sessions on Friday, pressured by profit-taking after hitting a 5-1/2 week peak and as favorable weather aided the developing Midwest crop. CBOT July soybeans (SN25) settled down 6-3/4 cents at $10.68 per bushel, easing after touching its highest point since May 14. The contract was down 0.2% for the week, its first weekly drop in three weeks. New-crop November soybeans (SX25) ended down 7-1/2 cents at $10.60-3/4. CBOT July soyoil (BON25) ended down 0.30 cent at 54.47 cents per pound and July soymeal (SMN25) settled down 80 cents at $284.10 per short ton. Midwest rains boosted soil moisture reserves this week ahead of a weekend heat wave and periods of additional rain over the next two weeks, forecasters said. Drought eased in soybean areas over the past week, according to the latest U.S. Drought Monitor data. As of June 17, 35% of U.S. soybeans were under abnormally dry conditions, down from 39% a week earlier ...