US soyabean futures closed lower on Tuesday, pressured by falling wheat and despite news from USDA of more sales of US soya to China. CBOT August soyabean down 12-1/4 cents at $10.36-1/4 per bushel; new-crop November down 13 cents at $10.22. Funds sold 5,000 contracts. US soyabean crop seen at 3.357 billion bushels.
Trade estimates for August USDA ending stocks. Exporters sell 400,000 tonnes US soyabeans to China for 2010/11 delivery, 180,000 tonnes to unknown for 2010/11 and 100,000 tonnes to Egypt for 2010/11 delivery, according USDA.
USDA late on Monday said 66 percent of the US soya crop was in good to excellent condition, unchanged from a week ago and unchanged from a year ago. Traders had expected a 1 percentage point decline. USDA said 93 percent of the crop was blooming, up from 86 percent a week ago and above 90 percent five-year average.
CBOT August soyameal down $1.80 at $309.30 per ton. Following soyabeans. Funds sold 2,000 contracts. No deliveries on August. CBOT August soyaoil down 0.26 cent at 41.46 cents per lb.
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