Chicago Board of Trade (CBOT) soyabean futures declined for the first time in five sessions on Thursday, pressured by profit-taking and technical selling after hopes for accelerated buying by China lifted prices to three-week highs. CBOT July soyabeans ended down 3-1/2 cents at $10.35-3/4 a bushel after earlier reaching their highest since May 4. The contract slipped below chart support at its 50-day moving average.
CBOT soyameal futures were also lower while soyaoil was little changed. An easing of trade tensions between Washington and Beijing has fueled optimism of higher US soyabean demand from China, the world's top importer. Through its daily reporting system, the US Department of Agriculture said private exporters reported sales of 264,000 tonnes of US soyabeans to unknown destinations for 2018-19 delivery.
The USDA's weekly export sales report showed net cancellations of 139,500 tonnes of old-crop US soyabeans, and net sales of 6,900 tonnes of new-crop soyabeans. Brazilian soyabean processors say their operations have been affected by nationwide protests by truckers against high diesel prices. Soya crushers association Abiove said on Wednesday that some plants have suspended operations as beans are not being delivered to the sites.
The trade dispute between the United States and China has benefited Brazil so far but could prove harmful long term, Brazil's farm minister said. Argentina may halt the gradual lowering of soyabean export taxes as the government speeds up a deficit-cutting effort, Treasury Minister Nicolas Dujovne said on Thursday, setting up farmers for a potential financial setback.
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