Soyabean futures on the Chicago Board of Trade (CBOT) closed down on Thursday on weak export data, analysts said. The wet weather in the US Midwest, which could boost soyabean acreage if corn planting is delayed, added pressure to futures. CBOT May soyabeans settled down 3-1/2 cents at $9.46-3/4 per bushel.
CBOT May soyameal dropped $2.90 to $307.90 per ton, while CBOT May soyaoil ended up 0.34 cent at 31.92 cents per lb. The US Department of Agriculture (USDA) reported export sales of US soyabeans in the latest week at 225,000 tonnes (old and new crop years combined), below trade estimates for 400,000 to 800,000 tonnes.
The USDA reported weekly soyameal export sales at 135,100 tonnes (old and new crop years combined) and soyaoil sales at 33,200 tonnes (all old-crop), both in line with trade expectations.Brazilian industry group Abiove raised its forecast of the country's 2016-17 soyabean harvest to 110.7 million tonnes, up from 107.3 million in March. Malaysian July palm oil futures rose 1.58 percent, ending six sessions of losses on strength in soyaoil and a technical correction.
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