CHICAGO: Chicago Board of Trade soybean futures closed mixed on Monday, with the spot May contract ending lower as traders adjusted positions a day ahead of the US Department of Agriculture's monthly supply/demand reports, analysts said.
The CBOT May soybean contract settled down 1/4 cent at $9.41-3/4 per bushel.
The US Department of Agriculture reported weekly export inspections of US soybeans at 832,957 tonnes, above trade expectations of between 450,000-650,000.
Market traded higher in early moves, supported by heavy weekend rains in Argentina that could stall the soybean harvest.
However, analysts expect the USDA in its monthly supply/demand report on Tuesday to raise its forecasts of the soybean harvests in Brazil and Argentina.
The supplement to the US Commodity Futures Trading Commission's (CFTC) weekly Commitments of Traders report showed that non-commercials flipped to a small net short position in CBOT soybeans in the week to April 4, their first net short since March 2016.
CBOT May soyoil ended down 0.27 cent at 31.35 cents per lb, pressured in part by declines in allied Malaysian palm oil futures.
CBOT May soymeal closed up $1.70 at $309.10 per short ton, gaining against soyoil on meal/oil spreads.
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