Soyabean futures on the Chicago Board of Trade fell more than 1 percent on Thursday on technical selling and rumours that China might defer some shipments of US soyabeans, traders said. Also bearish, Brazilian government agency Conab revised its 2010/11 soya output forecast to 68.6 million tonnes, near 2009/10 record and at the top of the 67.7-69 million tonne range it issued last month.
CBOT January soyabeans fell 14-1/2 cents to end at $12.81-1/2 per bushel. Stops hit when January broke below support at $12.82-1/4, the low for the previous two days. December soyameal ended down $5.50 at $339.90 a ton; January down $6.40 at $340.70. December soyaoil down 0.01 cent at 53.79 cents per lb; January down 0.03 at 54.15 cents.
USDA reported export sales of US soyabeans in the latest week at a net 870,900 tonnes, within a range of estimates for 800,000 to 1,000,000 tonnes. USDA showed weekly sales of US soyameal at a net 193,400 tonnes, within estimates for 150,000 to 200,000 tonnes. USDA pegged weekly net sales of US soyaoil at 51,300 tonnes, above estimates for 20,000 to 40,000 tonnes.
Comments
Comments are closed.