Chicago Board of Trade soyabean futures fell for the eighth day in a row on Monday, hitting their lowest since Sept. 11 on concerns about weak exports due to uncertainty over US-China trade negotiations and expectations for a massive crop in Brazil.
Weakness in soyaoil futures, which sank 1.2% to their lowest since Oct. 15, also weighed on the soyabean market. Soyaoil futures dropped after the January contract failed to break through technical resistance at its 40-day moving average. The contract also dropped below its 50-day moving average during Monday's trading session. A US Agriculture Department report showed that soyabean export inspections fell to 1.548 million tonnes in the week ended Nov. 28. Export inspections of soyabeans totaled 1.952 million tonnes a week earlier. Analysts' expectations for this week ranged from 1.400 million tonnes to 2.000 million tonnes. Brazil's 2019/20 soyabean harvest could come in at a record 122.7 million tonnes, according to the average forecast in a Reuters survey of 16 market analysts.
Comments
Comments are closed.