Soybean futures on the Chicago Board of Trade fell early on Friday on forecasts for improved crop weather in the US Midwest, traders said. Follow-through speculative selling after Thursday's sharp break also contributed to the declines, they said.
At 10:18 am CDT (1518 GMT), CBOT soya was down 13 to 15 cents per bushel, with July down 14-1/4 at $8.04-1/4. New-crop November was down 14-1/4 at $8.37-1/2. Showers on Thursday produced 0.3 to 1.5 inches of much-needed rain in central and northern Illinois, with 70 to 80 percent coverage, DTN Meteorlogix said. But lesser amounts fell in Indiana, and Ohio was mostly dry.
Rain in the western Midwest was maintaining very favourable growing conditions, while this week's rains in the eastern Midwest should boost soil moisture, especially in Illinois. Soymeal was down $1.10 to $6.10 per ton, following soyabeans, with July down $6.00 at $220.20 per ton. Soyoil also was pressured by the decline in soya and by a weak close overnight in the Malaysian palm oil futures market. Soyoil was down 0.13 to 0.35 cent per lb, with July down 0.30 at 34.74 cents per lb.