Chicago Board of Trade soyabean futures fell to a one-month low on Thursday, pressured by beneficial Midwest rains and forecasts for cool temperatures that should boost soya yield potential, traders said. The benchmark November soyabean contract settled down 17 cents at $9.60-1/2 per bushel after dipping to $9.55-1/2, its lowest since June 30. Technical selling accelerated as the November contract fell below chart support at its 50-day moving average near $9.65.
CBOT December soyameal settled down $2.90 at $312.60 per short ton. CBOT December soyaoil ended down 0.77 cent at 33.80 cents per pound. The spot oilshare, measuring soyaoil's share of value in soya products, fell to 35.42 percent after reaching 35.81 percent, its highest since January 12. Private analytics firm Informa Economics forecast US 2017 soyabean production at 4.196 billion bushels with a yield of 47.3 bushels per acre, trade sources said. The USDA reported export sales of US soyabeans in the latest week at 600,900 tonnes (old and new marketing years combined), in line with trade expectations for 350,000 to 750,000 tonnes.
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