Chicago Board of Trade soyabean futures closed lower on Monday after beneficial rains crossed the US Midwest crop belt over the weekend, bolstering prospects for the 2019 soya harvest, traders said. CBOT November soyabeans settled down 13-1/4 cents at $8.66-1/2 per bushel after dipping to $8.64-1/2, the contract's lowest since Aug. 7.
CBOT most-active December soyameal ended down $3.10 at $297.20 per short ton and December soyaoil fell 0.47 cent to settle at 29.04 cents per pound. Ahead of the US Department of Agriculture's weekly crop progress report, analysts surveyed by Reuters on average expected the government to rate 54% of the US soyabean crop in good to excellent condition, unchanged from the previous week.
The USDA reported export inspections of US soyabeans in the latest week at 1,158,217 tonnes, above a range of trade expectations for 600,000 to 1,100,000 tonnes. Traders await details from the start of the four-day Pro Farmer Midwest Crop Tour, which is expected to release average soyabean pod counts for Ohio and South Dakota later on Monday.
The tour concludes on Thursday night in Minnesota after scouting fields in seven states, and Pro Farmer editors are scheduled to release their US corn and soyabean crop estimates on Friday.
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