Chicago Board of Trade soyabean futures declined on Thursday on expectations for a bumper US harvest and worries about trade with top global soya buyer China as a new round of tariffs kicked in. US and China, despite ongoing trade negotiations, implemented 25 percent tariffs on $16 billion worth of each other's goods.
CBOT November soyabeans settled down 16-1/4 cents at $8.54 per bushel. CBOT December soyameal ended down $6.70 at $316.50 per short ton and December soyaoil fell 0.19 cent at 28.37 cents per pound. The Pro Farmer Midwest Crop Tour late Wednesday reported above-average soyabean pod counts in Illinois.
However, tour scouts said crop prospects in western Iowa were mixed after volatile summer weather. Subsoil moisture has improved across the US Midwest since last week and should favor the filling of soyabean pods, potentially boosting yields, Radiant Solutions said in a daily weather note. The USDA reported export sales of US soyabeans in the latest week at 1.3 million tonnes (old and new crop years combined), topping trade expectations for 500,000 to 950,000 tonnes.
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