Chicago Board of Trade soyabean futures fell to a one-week low on Friday as expectations for a bumper crop in South America threatened to cut into US exports. Traders shrugged off signs of strong demand for US soyabeans amid the improving outlook for harvests in Brazil and Argentina. For the week, CBOT soyabeans were down 0.4 percent.
Consultancy AgRural on Friday raised its forecast for 2017-18 Brazil soyabean production to 112.9 million tonnes from 110.2 million. Forecasts for rain in Argentina in the 11-to-15 day weather outlook added pressure. Soyameal futures also fell but soyaoil rose, which traders attributed to unwinding of long soyameal/short soyaoil spreads.
Soyameal futures rose 0.7 percent this week. Soyaoil futures posted a weekly loss of 0.2 percent. The US Department of Agriculture said that private exporters reported the sale of 268,000 tonnes of soyabeans for delivery to China during the 2017-18 marketing year. The government also disclosed another 129,000-tonne sale to unknown destinations for 2017-18 and a 66,000-tonne sale to unknown destinations for 2018-19.
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