CHICAGO: Soybean futures on the Chicago Board of Trade fell on Monday after weekend rains buoyed crop prospects in Argentina and Brazil, traders said.
Contract lows set across the board in soyoil.
Soybeans pared losses toward the close after March dipped below $13.00 but stayed above its Dec. 13 low of $12.99-1/4.
Front-month January soymeal bucked the weak trend, rising more than 1 percent on short-covering ahead of the contract's delivery period.
Trade expects no deliveries of soybeans or soymeal on first notice day for CBOT January contracts on Tuesday due to firm cash markets. But soyoil deliveries could total 1,000 to 3,000 contracts.
USDA reported export inspections of US soybeans in the latest week at 43.182 million bushels, below trade estimates for 45 million to 55 million.
USDA said private exporters reported sales of 35,000 tonnes of US soybean oil to unknown destinations for delivery in 2013/14.
The harvest of what is seen as Brazil's largest-ever soybean crop is under way in the top-producing state of Mato Grosso, local producing group Aprosoja said.
Argentina should harvest 55 million tonnes of 2013/14 soy, up from 48.3 million a year earlier due to increased plantings, the Rosario exchange said.
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