Chicago Board of Trade soyabean futures closed lower on Monday on plentiful US supplies and big South American harvests that are expected to create stiff headwinds for US soya exports. Rainy weather delaying US corn planting, which could shift more acres to US soyabeans.
CBOT July soyabeans settled down 6-1/4 cents at $8.60-3/4 per bushel after notching a contract low of $8.60-1/2. May and August futures also posted contract lows. CBOT July soyameal ended down $2.80 at $300.90 per short ton. All soyameal contracts except for December 2019 futures posted new contract lows during the session.
July soyaoil gained 0.35 cent to settle at 28.19 cents per pound. Traders are awaiting updates on US trade talks with top global soya buyer China. US Treasury Secretary Steven Mnuchin said on Monday that a trade deal could be finalized with two more rounds of talks. The US soyabean crop is expected to be 4 percent planted, based on estimates from analysts polled by Reuters. The US Department of Agriculture is due to release its weekly crop progress report later on Monday.
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