Chicago Board of Trade (CBOT) soyabean futures dropped to a three-week low on Thursday as improving crop weather in South America boosted production prospects, overshadowing more Chinese purchases of US soya, traders said. CBOT January soyabeans settled 6-1/2 cents lower at $8.93-1/2 per bushel, the lowest level since Nov. 30. The March contract ended down 6-3/4 cents at $9.06-1/4 a bushel.
CBOT January soyameal ended down 10 cents at $307.70 per short ton and January soyaoil fell 0.26 cent to 28.20 cents per pound. Rains in dry areas of Brazil and Argentina were seen bolstering crops that are already projected to be massive. With the harvest in Brazil already beginning, the window of opportunity to export large quantities of US soyabeans is narrowing.
China plans to make a third round of US soyabean purchases within days, two sources familiar with the matter said on Thursday, with more than 2 million tonnes in purchases likely before the Christmas holiday. The US Department of Agriculture reported soyabean export sales last week at 2.963 million tonnes, topping analysts' estimates that ranged from 2.1 million tonnes to 2.7 million tonnes.