CBOT soybeans slide on stronger-than-expected US crop conditions

Chicago Board of Trade soybean futures closed down on Tuesday as rising U.S. crop ratings increased expectations for a large autumn harvest, while soymeal futures set contract lows, analysts said.

• The U.S. Department of Agriculture said 70% of the nation's soybean crop was in good to excellent shape as of Sunday, in a report issued after trading ended on Monday. That was up from 66% the prior week and above all estimates gathered in a Reuters poll of 12 analysts.

• The U.S. soybean crush in June exceeded an average of analysts' expectations and reached the highest ever level for that month, according to National Oilseed Processors Association data.

• Soyoil stocks dropped to a five-month low in June, NOPA data showed. The data was bullish for soyoil futures, traders said.

• New-crop CBOT November soybeans (SX25) ended down 5-1/4 cents at $10.01-3/4 a bushel.

• CBOT August soyoil (BOQ25) finished up 0.39 cent at 54.56 cents per pound.

• CBOT August soymeal (SMQ25) closed $2.40 lower at $265.30 per short ton and set a contract low at $264.50.