Chicago Board of Trade soyabean futures closed lower on Monday in technical trade, with the benchmark November contract turning down after encountering chart resistance near its 200-day moving average. CBOT November soyabeans settled down 5-1/2 cents at $9.66-3/4, retreating after reaching $9.77, its highest since September 25, in early moves.
CBOT December soyameal ended down $3.70 at $315.50 per short ton on spillover weakness from soyabeans and softening cash values in the Midwest. CBOT December soyaoil bucked the lower trend, settling up 0.31 cent at 33.26 cents per pound, on technical buying after the US Commodity Futures Trading Commission's weekly report late Friday showed funds slashed their net long position in CBOT soyaoil in the week to October 3.
The US Department of Agriculture's weekly export inspections and crop progress reports were delayed until Tuesday due to Monday's Columbus Day holiday. Analysts expect the USDA in monthly supply/demand reports on Thursday to raise its US soyabean yield estimate but lower its forecast of US 2017/18 soyabean ending stocks.
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