Chicago Board of Trade soyabean futures closed mixed Tuesday following a choppy session as market pressure from favourable US crop conditions and trade tensions offset support from technical buying after the July contract set a two-week low below $10.
CBOT July soyabeans settled down 1/2 cent at $10.01-1/4 per bushel after dipping to $9.97-1/4, while new-crop November ended up 1 cent at $10.20-1/2. CBOT July soyameal ended down $1.60 at $367.30 per short ton while CBOT July soyaoil fell 0.14 cent at 30.79 cents per pound.
US President Donald Trump will meet with his trade advisers to discuss an offer by China to import an extra $70 billion of American goods over a year. China is the world's top soya importer. Brazilian consultancy Safras raised its forecast of Brazil's 2018-19 soyabean exports to 70.8 million tonnes, from 70.5 million seen in April.
The USDA late Monday rated 75 percent of the US soyabean crop as good to excellent, above an average of analyst expectations of 74 percent. India is considering raising import tax on some edible oils, government sources said.
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