Chicago Board of Trade soyabean futures hit a decade low on Friday, pressured by bearish data in a monthly US Department of Agriculture (USDA) supply/demand report and uncertainty about prospects for a trade deal with China, traders said. CBOT July soyabeans settled down 3-1/2 cents at $8.09-1/4 per bushel after falling to $8.06-1/4, a contract low and the lowest price for a most-active soyabean contract since December 2008.
CBOT July soyameal ended down $1.80 at $287.30 per short ton while July soyaoil rose 0.16 cent at 26.79 cents per pound. US President Donald Trump said he was in no hurry to sign a trade deal with China as Washington imposed a new set of tariffs on Chinese goods and negotiators ended two days of talks to try to salvage an agreement.
In a monthly report, the USDA raised its forecast of 2018-19 US soyabean ending stocks to 995 million bushels, up from 895 million last month and an all-time high, if realized. The USDA also projected US soyabean ending stocks for 2019/20, the new crop year, at 970 million bushels, above most analyst estimates in a Reuters survey. The USDA forecast 2019 soyabean production at 4.150 billion bushels based on an average yield of 49.5 bushels per acre.
The USDA raised its projection of global 2018-19 soyabean ending stocks to 113.18 million tonnes, from 107.36 million in April, and pegged 2019/20 global ending stocks at 113.09 million tonnes.
China expects its soyabean output to hit the highest level in 14 years in 2019/20, boosted by a plan to revitalize the nation's production of the oilseed.
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