Soyabean futures on the Chicago Board of Trade fell to a two-month low on Thursday on forecasts for a record-large Brazilian soya harvest that should cut into US exports, traders said. The CBOT May soyabean contract settled down 10-3/4 cents at $10.11 per bushel after dipping to $10.06-1/4, its lowest since Jan. 10. CBOT soyameal and soyaoil futures followed soyabeans lower.
The US Department of Agriculture in a monthly supply/demand report hiked its forecast of Brazil's 2016/17 soyabean harvest to a record 108 million tonnes, from 104 million in February. The USDA also cut its estimate of US 2016/17 soyabean exports, citing competition from the big Brazilian crop, and consequently raised its forecast of US soya ending stocks to 435 million bushels, above an average of analyst estimates.
Brazil's agricultural statistics agency Conab raised its estimate for the country's 2016/17 soya crop to 107.6 million tonnes, from 105.5 million previously. The USDA's weekly export sales report showed sales of 485,500 tonnes of old-crop soyabeans and 29,600 tonnes of new-crop soyabeans, in line with trade expectations. The CBOT reported 254 soyabean deliveries against the March futures contract. There were also 228 soyameal deliveries and 720 soyaoil deliveries.
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