Midwest rains across the US soyabean belt and a stronger dollar sent Chicago Board of Trade soyabean futures falling on Wednesday, losing ground on a price rally earlier this week as traders continued to fear that ongoing trade woes would hamper export demand. CBOT September soyabean futures closed the day down 10-3/4 cents at $8.57-1/2 per bushel.
CBOT November soyabean futures, the most actively traded contract, also ended the day down 10-3/4 cents, closing at $8.69 a bushel. Prices for wheat, corn and soyabeans have lost ground since a US Department of Agriculture monthly crop report on Friday predicted bigger-than-expected US soya and corn harvests as well as larger global wheat supplies.
Soyameal contracts also fell on Wednesday: CBOT September soyameal ended down $6.30 at $329.50 per ton, and CBOT December soyameal ended down $6.50 at $331.30 per ton. Traders said the soya market reacted bearishly to reports of growing Chinese interest in Brazilian beans and Argentina freezing export taxes on its soya product exports for six months. The grain and oilseed sector was also dragged down on Wednesday as US stocks sold off over concerns on Turkey's currency crisis and global trade tensions, with all three major stock indexes on track for their worst days since late June.
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