Chicago Board of Trade (CBOT) soyabean futures fell on Friday - and posted the first weekly contract drop in a month - amid spillover pressure from the wheat and corn markets, and pressure from improved planting weather across parts of the US Midwest.
The benchmark Chicago Board of Trade (CBOT) July soyabean futures contract settled down 12-1/2 cent at $8.56-1/4 a bushel. In midday trading, the contract dipped to a low of $8.55-1/2, the lowest price since May 28. The contract closed the week down 2.45%. Soyameal and soyaoil contracts also settled lower on Friday.
Soyabeans heading lower for a third straight session as forecasts call for slightly better planting weather in the Midwest this weekend. Traders awaited the next US crop planting progress report for the 2019 soyabeans crop, which is expected from the US Department of Agriculture on Monday. The USDA said private exporters sold 110,000 tonnes of US soyabeans to Egypt, including 55,000 tonnes for delivery in the 2018-19 marketing year that began September 1, 2018, and 55,000 tonnes for 2019-20 delivery.
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