CBOT soyabean futures tumble

Chicago Board of Trade soyabean futures tumbled nearly 5 percent on Friday after the US government forecast 2018 harvest yields above all trade expectations and said stocks of the oilseed would swell to record highs. CBOT November soyabean futures ended down 42-1/4 cents, or 4.7 percent, at $8.61-3/4 per bushel. It was the steepest percentage decline for a most-active contract in three years.
For the week, November futures were down 4.5 percent in the first weekly decline in four weeks. Soyameal and soyaoil futures also fell. In a monthly report, the US Department of Agriculture projected average US soyabean yields at 51.6 bushels per acre, above all pre-report estimates, and pegged the 2018 harvest at a record-large 4.586 billion bushels. The USDA also projected US and global ending stocks for 2018/19 at all-time highs.