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Chicago soyabean futures fell more than 1 percent and neared a four-month low Thursday on improving crop prospects in Brazil that could curb demand for US soya exports, traders said. Corn and wheat futures also declined in thin trade between the Christmas and New Year's Day holidays.
Chicago Board of Trade March soyabean futures settled down 10-3/4 cents at $9.56-3/4 per bushel after dipping to $9.55, the contract's lowest since August 31. March corn ended down 1-3/4 cents at $3.52 a bushel and March wheat fell 1/4 cent at $4.27-3/4 a bushel.
Soyabeans declined as traders monitored crop weather in South America. Conditions remained largely favourable in Brazil, the world's biggest soya exporter, while much-needed showers were forecast this weekend in parts of Argentina, the No. 3 producer. Brazil's oilseed processors' association, Abiove, last week left its forecast of Brazil's 2017/18 soyabean crop unchanged at 109.5 million tonnes, second only to the record-large 2016/17 harvest of 114 million tonnes. Additional pressure on CBOT soya futures stemmed from worries that more stringent quality rules on Chinese soyabean imports starting in 2018 could stall US soya sales to the world's largest buyer.
Corn futures fell in sympathy with soyabeans, halting a six-session climb in the CBOT March corn contract. Wheat was lower but choppy, underpinned by short-covering and ongoing concerns about potential crop losses from cold weather in the US Plains and Midwest that could damage dormant winter wheat crops.
Temperatures in the southern Plains could drop below zero degrees Fahrenheit (minus 18 Celsius) early next week, MDA Weather Services meteorologist Don Keeney said.

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