CHICAGO: Chicago Board of Trade soyabean futures sagged anew on Friday, with the benchmark contract falling to multi-month lows on follow-through selling a day after the US Department of Agriculture reported larger-than-expected US soya inventories.
CBOT November soyabean futures settled down 9-1/2 cents at $12.46-1/2 per bushel after dipping to $12.42, the lowest in a continuous chart of the most-active soya contract since Dec. 22.
For the week, the November contract fell 38-1/2 cents a bushel, or 3%, its fourth decline in the last five weeks.
CBOT December soyameal ended down $1.80 on Friday at $326.90 per short ton while December soyaoil rose 0.13 cent to finish at 58.82 cents per pound.
Soyabean futures fell for a second session after the USDA on Thursday reported US Sept. 1 soyabean stocks at 256 million bushels, above the entire range of trade estimates in a Reuters pre-report poll.
Additional pressure stemmed from the ongoing harvest of US soyabeans in the core Midwest production belt.
Looking ahead, commodity brokerage StoneX raised its forecast of Brazil’s 2021/22 soyabean crop, which is currently being planted, to 144.26 million tonnes from 143.33 million previously.
Chicago Board of Trade corn futures ended higher on Friday, following along as CBOT wheat futures jumped 4% on worries about tightening US wheat supplies, traders said.
CBOT December corn settled up 4-3/4 cent at $5.41-1/2 a bushel.
For the week, the December corn contract rose 14-3/4 cents a bushel or 2.8%, after almost no net change in the previous week.
Rallies in corn futures were limited by seasonal pressure from the expanding US corn harvest.
Bearish quarterly stocks data also hung over the market, capping gains. The USDA on Thursday reported US Sept. 1 corn stocks at 1.236 billion bushels, above most trade expectations.
Commodity brokerage StoneX raised its forecast of Brazil’s 2021/22 first-crop corn production to 30.05 million tonnes, from 29.8 million previously.
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