US soyabean futures fell for a seventh day in a row on Wednesday on light export demand, traders said. The seven session losing streak was the longest since an eight-session stretch that ended on Dec. 2. Soyabean futures have fallen 4% during the current streak. Bargain buying limited the decline.
There have been no flash sales of US soyabeans to China since the two countries signed a Phase 1 trade deal on January 15. Additionally, traders said the spread of a coronavirus in China could further cut into demand from the world's top soya buyer.
Analysts were expecting a US Agriculture Department report to show soyabean export sales in a range from 400,000 tonnes to 1.1 million tonnes in the week ended January 23. Soyameal also fell, with the most-active contract hitting its lowest since December 13. Soyaoil edged higher after four straight losing sessions.
Comments
Comments are closed.