Chicago Board of Trade soyabean futures posted fresh three-month lows on Wednesday and ended lower for a fifth consecutive session as rains in many South American soya production areas were seen boosting crops. Weaker soyaoil futures also fueled selling in soyabeans.
Benchmark CBOT January soyabeans ended down 2 cents at $9.54 a bushel, the lowest since mid-September. Chart-based selling as prices fell below Tuesday's lows accelerated. Soyameal futures ended higher while soyaoil posted the steepest declines in two weeks.
Rains are forecast for some Argentine farm areas this week, while widespread precipitation is expected in Brazil in the next 10 to 15 days, meteorologists said. China has tightened import quality specifications for US soyabeans, which traders and analysts say could make it more difficult for US shipments to compete with South American export rivals.
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