Chicago Board of Trade soyabean futures tumbled on Thursday after the US Department of Agriculture projected a record-large 2017 US crop and unexpectedly left its average yield forecast unchanged in a monthly report. CBOT January soyabeans settled down 13-1/2 cents at $9.85 per bushel. The 1.4 percent drop was the steepest for the contract since mid August. CBOT December soyameal ended down $3.40 at $311.80 per short ton and December soyaoil fell 0.23 cent to 35.14 cents per pound.
In its monthly supply and demand report, the USDA pegged the 2017 US harvest at a record 4.425 billion bushels, on a yield of 49.5 bushels per acre. Both figures topped average analyst estimates. The USDA reported export sales of US soyabeans in the latest week at 1.161 million tonnes (old and new crop years combined), below a range of trade expectations for 1.3 million to 1.850 million. Brazil's government statistics agency, Conab, projected the country's 2017/18 soyabean crop at 106.4 million to 108.6 million tonnes.
China increased its forecast for 2017/18 soyabean imports to 95.97 million tonnes, from a previous 94.5 million, boosted by strong crushing demand. China is taking longer to issue safety certificates for cargoes of genetically modified (GMO) soyabeans, potentially denting demand for purchases in coming months, four trade sources said. Chinese importers signed two letters of intent to purchase 12 million tonnes of US soyabeans in the 2017/18 marketing year, part of a series of trade deals announced during the visit of US President Donald Trump to Beijing. The CME Group reported 133 deliveries against CBOT November soyabean futures.
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