CHICAGO: Chicago Board of Trade soybean futures closed mostly lower on Monday, pressured by beneficial weekend rains in portions of the US crop belt and spillover weakness from outside markets including crude oil and gold, analysts said.
CBOT new-crop November soybeans settled down 7 cents at $13.29-3/4 per bushel. The thinly traded August contract, which expires on Friday, bucked the lower trend and settled up 11-1/2 cents at $14.33-3/4, supported by a lack of deliveries.
CBOT benchmark December soyoil ended down 1.33 cents at 59.94 cents per pound, while December soymeal ended up $1.80 at $359.50 per short ton, gaining against soyoil on meal/oil spreads. Soayoil, the primary feedstock for US biodiesel fuel, took cues from weakness in crude oil.
Also bearish, India will launch a 110 billion rupee ($1.48 billion) plan to boost domestic oilseed production to make the country self-sufficient in edible oil, Prime Minister Narendra Modi said, a move that will cut costly vegetable oil imports.
Ahead of the US Department of Agriculture's weekly crop progress report later on Monday, analysts surveyed by Reuters on average expected the government to rate 60% of the US soybean crop in good-to-excellent condition, steady with last week.
The USDA reported export inspections of US soybeans in the latest week at 114,253 tonnes, at the low end of trade expectations for 100,000 to 300,000 tonnes.
Traders await direction from the USDA's monthly supply/demand report on Thursday, in which the USDA is expected to lower its estimates of US soybean production and yield.
China's soybean imports fell in July from the same period the previous year, customs data showed on Saturday, as sliding hog margins curbed appetite for soymeal.
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