Chicago Board of Trade soyabean futures sagged on Thursday as good overnight US Midwest rains and forecasts for more showers this week eased concerns about US soya development, brokers said.
Forecasts called for below-normal temperatures in the northern US Midwest on Thursday and across the entire US Corn Belt on Friday and Saturday, limiting losses, they said. The cooler temperatures slow crop growth. The US Department of Agriculture last reported that 69 percent of the soyabean crop was in good-to-excellent condition as of last Sunday.
CBOT soyabeans were down 4-1/4 cents to 7-3/4 cents, with September down 7-1/4 cents at $5.93 and November down 7-1/4 cents at $5.83-1/2.
R.J. O'Brien, Cargill Investor Services and SAK Trading were early featured sellers of November soyabeans, brokers said.
Technical support held early in November at the 20-day moving average of $5.77, they noted. US soyabean export news and firm US cash basis bids limited Thursday's CBOT soya losses, some brokers said.
CBOT soyameal futures were last down $3.60 per ton to unchanged, with September down $1.50 at $199.00 and December down $3.60 at $175.80. Cargill Inc. sold 200 December, ADM Investor Services sold 200 September, while Cargill Investor Services and Tenco Inc. each bought 200 September, brokers said.
There were no deliveries posted on Thursday against the expired CBOT August soyaoil. Last delivery day for CBOT August soyaoil is Tuesday, August 31, while last delivery day for CBOT August soyabeans and soyaoil was Tuesday, August 17.