Soyabean futures on the Chicago Board of Trade declined on Tuesday for a seventh straight session, with the May contract dropping below psychological support at $10 a bushel on hefty South American harvests, traders said. CBOT May soyabeans settled down 6-3/4 cents at $9.99-1/4 a bushel after dipping to $9.92, its lowest since mid-November. CBOT May soyameal followed soyabeans lower.
CBOT May soyaoil closed higher, supported by oil/meal spreading and strength in Malaysian palm oil. A survey of farmers released by Illinois-based research and brokerage firm Allendale Inc projected US 2017 soyabean plantings at 88.8 million acres, up 6.5 percent from 2016.
Ahead of the National Oilseed Processors Association's monthly crush report on Wednesday, analysts surveyed by Reuters expected the trade group to report that its members crushed 146.091 million bushels of soyabeans in February.
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