CBOT soyabean futures down to two-week low

Chicago Board of Trade (CBOT) soyabean futures fell to a two-week low on Wednesday on concerns that a slower-than-expected pace of purchases by China will do little to consume massive supplies of the oilseed, traders said. CBOT January soyabeans settled 7-3/4 cents lower at $9.00 per bushel, after dropping below the key $9 level for the first time in two weeks. The March contract ended down 7-3/4 cents at $9.13 a bushel.
CBOT January soyameal ended down $2.60 at $307.80 per short ton and January soyaoil rose 0.05 cent to 28.46 cents per pound. Private exporters sold 1.199 million tonnes of US soyabeans for shipment to China, the US Agriculture Department said on Wednesday. Including deals for more than 1.5 million tonnes last week, the sales have failed to reach lofty market expectations for 5 million tonnes or more.