US soyabean futures on the Chicago Board of Trade closed lower on Monday, pressured by softening cash markets as the US harvest approaches, traders said. Cash values seen easing in the US Midwest interior as well as the Gulf export terminal as end-users scale back on cash soyabean coverage.
September soyabeans ended down 4 cents at $10.18 per bushel; November down 3-1/2 at $10.22-1/2. September soyameal down 20 cents at $307.60 per ton, most-active December down 80 cents at $298.70. September soyaoil down 0.25 cent at 39.95 cents per lb; most-active December down 0.27 at 40.53 cents. Commodity funds sold 2,000 soybean contracts, 1,000 soyameal and 2,000 soyaoil, traders estimated.
No deliveries of soyabeans or soyameal were expected Tuesday on first notice day for deliveries against September futures, but traders expected 3,000 to 5,000 September soyaoil deliveries. USDA reported US soyabean export inspections in the latest week at 7.174 million bushels, below trade estimates for 10 million to 15 million. After the close, USDA said 64 percent of the US soyabean crop was rated in good to excellent condition, unchanged from a week earlier. USDA said 8 percent of the US soya crop was dropping leaves, just ahead of the five-year average of 7 percent.
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