Chicago Board of Trade soyabean futures closed lower on Monday in a profit-taking setback after several actively traded contracts hit contract highs on concerns about drought-reduced crops in Argentina, traders said. CBOT March soyabeans closed down 2 cents at $10.34-1/4 per bushel. The actively-traded May contract ended down 1-1/2 cents at $10.46 after hitting a contract high of $10.59-1/2, the highest price for a most-active contract since February 2017. May 2018 through March 2019 futures all set contract highs.
Soyameal and soyaoil futures also rose. Weather forecasts suggest Argentina, the world's No. 3 supplier of soyabeans and top exporter of soya products, will receive only small amounts of rain this week so crops could remain under stress. The country has been grappling with dryness since late last year.
Brazilian soyabean producers sold 3.5 million tonnes of the oilseed last week as higher prices following drought-related losses in Argentina boosted deals, consultancy AgRural said. The US Department of Agriculture on Monday confirmed private sales of 132,000 tonnes of US soyabeans to China for shipment in the 2017/18 marketing year.
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