Chicago Board of Trade soyabean futures ended lower on Monday on favourable South American crop weather and profit taking after the benchmark January contract topped $9 a bushel last week, traders said. CBOT January soyabeans settled down 2 cents at $8.85-3/4 a bushel.
CBOT December soyameal ended down 40 cents at $310.60 per short ton and December soyaoil fell 0.30 cent at 27.90 cents per pound. The USDA reported export inspections of US soyabeans in the latest week at 1.2 million tonnes, in line with trade expectations but about half the total reported this same week a year ago.
Ahead of the USDA's weekly crop progress report due later on Monday, analysts on average expected the government to report the US soyabean harvest as 84 percent complete, up from 72 percent a week ago. Ahead of the USDA's November supply/demand reports on Thursday, analysts surveyed by Reuters expect the government to lower its estimate of US soyabean production and yield, but raise its forecast of 2018/19 soya ending stocks. Brazilian consultancy AgRural said the country's farmers have seeded about 60 percent of the soyabean crop, above a five-year average of 41 percent and last year's 43 percent.
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