CBOT soyabean futures down on technical selling

Chicago Board of Trade soyabean futures closed lower on Thursday, retreating from early advances on technical selling and reports of improving crop prospects on the final day of an annual US crop tour, traders said. CBOT November soyabeans settled down
4-1/4 cents at $8.68-3/4 per bushel. CBOT December soyameal ended down $1 at $299.30 per short ton and December soyaoil fell 0.22 cent at 28.90 cents per pound. Scouts on some routes of the Pro Farmer Midwest Crop Tour found improved corn and soya potential in parts of Iowa and Minnesota on the final day of field scouting.
The Pro Farmer tour late Wednesday projected below-average crop prospects in Illinois, the top US soyabean state. Underlying support came from outlooks for cooler-than-normal temperatures in the US Midwest that could slow the development of late-planted crops, curbing production potential. The US Department of Agriculture reported weekly US soyabean export sales of 25,900 tonnes in the current year and 792,600 tonnes in the next year. Analysts expected a range of -200,000 to 100,000 in the current year and 350,000 to 700,000 for next year, according to a Reuters poll.