Chicago Board of Trade soyabean futures closed lower on Tuesday, pressured by better US crop weather and news China was again raising its bank reserve requirement in an attempt to tame inflation.
A few showers this week may disrupt soyabean plantings in the US Midwest, but the moisture was seen as beneficial to sown corn and soyabean crops. Overall, warmer and drier weather also seen boosting crop growth and development.
Goldman Sachs said, on Tuesday, it continues to expect higher corn and soybean prices and range-bound wheat and cotton prices as adverse weather conditions delayed US planting this spring.
USDA said, late on Monday, that 87 percent of the US soyabean crop had been planted, below the five-year average of 89 percent, but up from 68 percent a week ago. Sixty-seven percent of the crop was in good to excellent condition, below the 73 percent rating of a year ago.
NOPA said, US May soyabean crush was at 120.319 million bushels, below an average of analysts' estimates for 121.56 million.
Soymeal ended lower following soyabeans.
NOPA US May soymeal exports 334,211 tons versus April 580,010 tons. Soyoil ended mixed with spot July firm on a recovery bounce in crude oil. NOPA US May soyoil stocks 2.710 billion lbs versus April 2.694 billion.
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