Chicago Board of Trade soyabean futures fell to contract lows for a third straight day on Wednesday, pressured by weak US exports and plentiful global supplies of the oilseed. Rainy weather around the US Midwest is delaying corn seeding and potentially shifting more acres to soyabeans, which can be planted later in the spring. CBOT July soyabeans settled down 2-1/4 cents at $8.51-3/4 per bushel after notching a contract low of $8.44-1/4. Nearly all contracts set new lows during the session.
CBOT July soyameal ended up 20 cents at $300.30 per short ton. All soyameal contracts posted new contract lows during the session. July soyaoil fell 0.23 cent to settle at 27.65 cents per pound. Global soyabean supplies are ample following a steep drop in US exports to China this season and bumper harvests in South America.
Traders monitoring any news on US-China trade talks as a deal could trigger accelerated commodities purchases by China, helping to whittle down massive stockpiles of soyabeans.