Chicago Board of Trade soyabean futures fell on Tuesday on strong US crop ratings that have bolstered yield expectations, along with worries about trade tensions between the United States and China, the world's biggest soya buyer, traders said.
CBOT August soyabeans settled down 7 cents at $8.73 per bushel while new-crop November ended down 8 cents at $8.87-1/2. CBOT August soyameal finished down 70 cents at $332.80 per short ton while August soyaoil fell 0.02 cent at 29.03 cents per pound.
The soya market showed little response to the US Environmental Protection Agency's proposed biofuels blending mandate of 19.88 billion gallons for 2019, which was in line with expectations. The EPA proposed a biodiesel mandate of 2.43 billion gallons for 2020, while the 2019 standard stays at 2.1 billion gallons. Soyaoil is they primary feedstock for biodiesel. The US Department of Agriculture late Monday rated 73 percent of the US soyabean crop as good to excellent.
Comments
Comments are closed.