Chicago Board of Trade soyabean futures fell for the ninth time in ten sessions on Friday, with the ongoing harvest of a massive South American crop hanging over the market, traders said. But declines were limited as investors have already priced in much of the expected record Brazil harvest during the recent downturn.
The benchmark CBOT May soyabean contract found technical support near the four-month low of $9.92 hit earlier this week. Weakness in the cash market, with spot bids for soyabeans falling at processors and river terminals, also weighed on futures prices. Soyameal futures also weakened, but declines were limited with prices holding near recent lows. Soyaoil futures closed slightly higher, with traders viewing the market as technically oversold after hitting a six-month low on Tuesday.
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