US soy futures ended lower on Monday amid better crop weather in the US that is allowing rapid soy seedings following last week's flooding, traders said. CBOT soy closed down 1-1/2 to 18 cents per bushel, with July down 17-1/2 at $15.15 per bushel.
Signs Argentine farmers backing down from protests also weigh on soy prices. Traders expected USDA late on Monday to show a steady to 2 percentage point rise in US soy condition ratings. US soy in high demand but supplies tight. Less rainfall, warmer temperatures likely improved condition of US corn/soy.
Funds cut longs in CBOT soy options and futures during week ended last Tuesday. US cash soy steady to firm. Soymeal closed $7.70 per ton lower to $7.50 higher, with July down $7.70 at $404.00 per ton. Traders said soymeal was following the trend in soybeans. Soyoil closed 0.58 to 0.88 cent per lb lower, with July down 0.61 at 63.27 cents per lb. Soyoil also followed the downtrend in soybeans.
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