Chicago Board of Trade (CBOT) soyabean futures fell for a third straight day on Thursday as traders squared positions ahead of key government crop data due on Friday and as warmer, drier US weather was seen boosting recently planted crops, traders said. CBOT July soyabeans settled down 6-1/2 cents at $8.87-3/4 per bushel and August soya fell 6 cents to $8.93-3/4 a bushel. Both hit two-week lows after breaching chart support at their 100-day moving averages.
CBOT July soyameal fell $1.20 to $312.20 per short ton, while July soyaoil was unchanged at 27.81 cents per pound. The US Department of Agriculture (USDA) is scheduled to release its US acreage and quarterly stocks reports on Friday at 11 am. CDT (1600 GMT). Traders are also squaring bets near the end of the month and quarter and ahead of the upcoming G20 summit, where US President Donald Trump and Chinese President Xi Jinping are scheduled to meet to help resolve a year-long trade war.
Forecasters expect drier and warmer weather across much of the US farm belt over the next 10 days following an exceptionally wet and cool spring that delayed planting. The improved weather could prompt some farmers to plant more soya and could boost crop conditions.
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