USA: Soybeans near four-year low on Brazil crop outlook and soy oil slide

Chicago soybean futures extended losses on Wednesday to approach a four-year low, pressured by bumper crop prospects in Brazil and a slide in soyoil prices fuelled by a proposed U.S. biofuel policy change. Chicago wheat was little changed, steadying after a four-day drop as traders assessed global crop conditions including in top wheat exporter Russia. Corn also consolidated as investors awaited a U.S. Federal Reserve interest rate announcement later in the day. MKTS/GLOB The most-active soybean contract Sv1 on the Chicago Board of Trade (CBOT) was down 0.95% at $9.67-1/2 a bushel. It earlier touched its weakest level since late August at $9.67, approaching a four-year low of $9.55 hit in mid-August. “The downward acceleration is justified by a sharp drop in soybean oil prices and especially by satisfactory conditions in Brazil for crop development,” Argus analysts said in a note. In Brazil, the world’s biggest soybean producer and exporter, regular rain in recent weeks has eased ...