Chicago Board of Trade soyabean futures closed down Tuesday on profit-taking, following Monday's two-week high and as the market continued to absorb a disappointing US crush report. Expectations of a large canola crop also weighed on soyabeans.
A Reuters industry poll showed Canadian farmers intend to expand canola plantings this spring to their second-biggest area ever, 21.3 million acres. Statistics Canada, which surveyed farmers from March 16-April 12, will release crop planting estimates on Friday. CBOT May soyaoil ended down 0.66 cent at 31.14 cents per lb, while CBOT May soyameal closed down $1.20 at $312.20 per short ton. Malaysian palm oil futures fell for the fifth day in a row on Tuesday, weighed down by forecasts of rising output and tracking weaker performing rival oils.
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