Chicago Board of Trade (CBOT) soyabean futures headed lower for a third straight session on technical selling, as the market wrestled on Thursday with what a slight improvement in Midwest weather this week could mean for US farmers struggling to plant their crops. The benchmark Chicago Board of Trade (CBOT) July soyabean futures contract settled down 1 cent at $8.68-3/4 a bushel. In midday trading, the contract dipped to a low of $8.57-3/4, the lowest price since May 28. Soyameal contracts posted lower, but soyaoil contracts settled higher on Thursday.
Corn and soyabean futures both faced choppy trading as the weather outlook across the US Midwest continued to show a slightly wider-than-expected window for farmers to plant crops. Spillover support in the wheat market helped soyabeans pare losses early in the session. The US Department of Agriculture reported export sales of US soyabeans in the week to May 30 at 583,700 tonnes (old and new crop years combined), in line with trade expectations.
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