Soyabean futures on the Chicago Board of Trade closed modestly lower on Tuesday, joining a broad commodities sell-off as the US dollar rose after a surprise interest rate hike from China, traders said. Corn and wheat posted larger declines of more than 2 percent each and crude oil fell more than 4 percent, adding pressure on soyabeans.
Soya market underpinned by continued Chinese export demand for US soyabeans. November soyabeans settled down 4 cents at $11.80 per bushel; January down 3-1/2 cents at $11.91-1/2. Volume in soyabean futures was heavy, estimated above 230,000 contracts, some 46 percent above the 30-day average near 158,000. December soyameal ended down 10 cents at $328.20 per ton.
December soyaoil down 0.56 cent at 47.10 cents per lb. Traders eyeing heavy open interest in November $12 call options, which expire Friday. USDA confirmed sales of 120,000 tonnes US soyabeans to China and another 275,000 tonnes to an unknown destination. Favourable US harvest weather continues. USDA said the US soyabean harvest was 83 percent complete by Sunday, up from 67 percent the previous week.
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