Chicago Board of Trade (CBOT) soyabeans futures eased for a second straight session on Thursday, pressured by technical selling and profit-taking after scaling to a 5-1/2-week high earlier this week. Prices turned lower at midsession after early support from a rainy US Midwest harvest forecast faded. Concerns about widespread rains in key production areas over the next 10 days have underpinned soya prices this week.
CBOT November soyabeans closed down 2-1/4 cents at $8.59-1/4 per bushel. The contract failed to hold chart support at its 50-day moving average. CBOT December soyameal rose $1.00 to $312.20 per short ton. December soyaoil fell 0.23 cent to 29.61 cents per pound.
Soyabeans remain underpinned by concerns about a rain-delayed US harvest and the potential for crop damage. Rains are expected across the western Midwest over the next 10 days. Strong weekly export sales had also supported futures early in the session. The US Agriculture Department reported export sales last week at 1.521 million tonnes, topping forecasts of 900,000 tonnes to 1.5 million tonnes. A week ago, soyabean export sales totaled 870,738 tonnes.
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