Soyabean futures on the Chicago Board of Trade closed lower on Wednesday on fears of escalating trade tensions between the United States and China, the world's biggest soya importer, traders said. CBOT September soyabeans settled down 17 cents at $8.86-3/4 a bushel while new-crop November futures ended down 17-1/4 cents at $9.01-3/4.
Profit-taking noted a day after the benchmark November contract hit a six-week high. CBOT new-crop December soyameal finished down $5.40 at $336.00 per short ton. CBOT new-crop December soyaoil ended down 0.35 cent at 28.95 cents per pound. Soya complex fell on news that the Trump administration is considering slapping a 25-percent tariff on $200 billion worth of Chinese goods.
After the close, the US Department of Agriculture said US soya processors crushed 5.087 million short tons, or 169.6 million bushels, of soyabeans in June, topping an average trade estimate of 168.8 million. Ahead of the USDA's export sales report on Thursday, analysts expected the government to report the latest week's sales at 150,000 to 500,000 tonnes of old-crop soyabeans and 300,000 to 700,000 tonnes of new-crop soyabeans.