Chicago Board of Trade soyabean futures settled modestly lower on Tuesday after the spot May contract fell to its lowest level in nearly a year. CBOT May soyabeans ended down 1/2 cent at $9.37-3/4 per bushel after falling to $9.36-1/2, lowest since April 8, 2016. The new-crop November contract ended down 1-1/4 cents at $9.49 after dipping to $9.48-1/2, its lowest since mid-October.
Soyabeans remain under pressure from the US Department of Agriculture's forecast for US soyabean plantings to reach a record-high 89.5 million acres for 2017, and by rising estimates of Brazil's soya harvest. Consultancy Celeres raised its estimate of Brazil's 2016/17 soyabean crop to 113.8 million tonnes, up from 109.65 million in March.
Broker and consultancy INTL FCStone raised its projection for Brazil's crop to 111.6 million tonnes, from 109.07 million tonnes last month. CBOT May soyameal closed higher on bargain-buying after this week's 5-1/2 month low. CBOT May soyaoil ended one tick higher after hitting its lowest since August.