US soya futures closed lower on Wednesday with good US crop weather, a strong dollar and falling crude oil weighing on prices, traders said. Prospects for Argentina to export more soya and soya products following the Argentine government decision late last week to scrap a hike in soya export taxes also remains bearish for US soya prices, they said.
CBOT soya closed 20 to 25-1/2 cents per bushel lower, with August down 22-1/2 at $13.94-1/4 per bushel. Favourable weather for corn pollination and soya growth continues in the US Midwest with no extreme heat in sight.
Exporters sell 120,000 tonnes soya to unknown. US cash soya steady to firm through most of Midwest on Wednesday but was firm in western Iowa. August contract below 100-day moving average of $14.06, an area of key resistance and key support now at 200-day MA of $12.96-3/4.
Nine-day RSI at 27. Soyameal closed $3.00 to $5.40 per ton lower, with August down $3.10 at $376.10 per ton. Soyameal followed soyabeans as the firm dollar and falling crude oil lead to increased long liquidation. Soyaoil closed 1.35 to 1.67 cents per lb lower, with August down 1.58 at 58.55 cents per lb.