Chicago Board of Trade soyabean futures fell for the first time in three sessions on Thursday as traders squared positions and exited long bets ahead of a monthly government report on Friday that is expected to project swelling supplies. CBOT September soyabeans settled 6-3/4 cents lower at $8.93 a bushel, while new-crop November futures ended 6-1/2 cents lower at $9.04.
Declines were limited by expectations for eroding US soya yield potential amid forecasts for drier weather in the Midwest over the coming weeks. Soyameal and soyaoil futures also eased. Analysts on average expect the US Department of Agriculture on Friday to raise its forecasts of US 2018 soyabean yield and production in its monthly supply/demand report.
The USDA said net US soyabean export sales totaled 954,400 tonnes, near the high end of analysts' forecasts. Conab forecast Brazil's soyabean production at 118.98 million tonnes, versus 118.88 million tonnes forecast in July and 114.08 million tonnes last season. The Chicago Board of Trade reported 668 deliveries against expiring August soyabean contract. There were no soyameal deliveries and 486 soyaoil deliveries.
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