CBOT soybean futures hit another near four-year low on a supply glut and farmer selling

Gold Ten Futures, August 9, according to foreign media reports, CBOT soybean futures fell on Thursday, with the base period closing down about 1.1%. After a week, it once again set a new low of nearly four years. Traders said that global oversupply, farmers selling and expectations for a bumper U.S. soybean harvest continue to cast a shadow over the market. Traders adjusted their positions ahead of the release of the U.S. Department of Agriculture's (USDA) monthly global supply and demand report. Many traders expect Chinese demand to slow down, but the U.S. will still have a bumper harvest this fall. The view of oversupply was strengthened on Thursday morning. < b > Traders began circulating a research report released by the U.S. Department of Agriculture (USDA) a month ago on flood damage to farmland in the Midwest. The report caused soybean prices to fall as the damaged area appeared to be small. Soyabean spot basis bids in the Midwest mostly fell on Thursday, extending a multi-day losing streak as farmers continued to sell inventories and soyabean futures hovered near four-year lows.