US soyabean futures fell about 1% and set a three-week low on Friday, pressured by relatively ample US stockpiles as traders shrugged off support from strong weekly export sales. Analysts attributed the weakness in futures to improved US crop weather and uncertainty about demand for US soyabeans, given large carry-over supplies from the 2018 harvest and the ongoing trade dispute with China, the world's top soya importer. The declines in futures came after the US Department of Agriculture reported export sales of US soyabeans in the latest week at more than 1 million tonnes, the largest weekly total in three months.
The total included more than 600,000 tonnes earmarked for China, which purchased US soyabeans last week in an apparent goodwill gesture ahead of the first meeting between US President Donald Trump and Chinese President Xi Jinping in seven months. Nevertheless, Shelby added that the ongoing tariff situation with China could be adding to struggles in the soyabean market.
At 11:53 am. (1653 GMT), Chicago Board of Trade August soyabean futures were down 10-1/2 cents to $8.79-1/4 a bushel, after dipping to $8.74-1/2, the contract's lowest since June 12. CBOT corn and wheat futures were modestly higher in choppy trade. Corn drew support from tightening supplies and uncertainty about US 2019 production prospects. CBOT September corn was up 1/2 cent to $4.37-1/4 a bushel. CBOT September wheat was up 1-1/2 cents at $5.15-1/2 a bushel.
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