Chicago Board of Trade soyabean futures closed lower for the third time in four sessions on Thursday on a lagging pace of sales in the export market and on crop-boosting rains in Brazil, the world's top supplier. CBOT January soyabeans settled down 4-1/4 cents at $9.72 per bushel. CBOT December soyaoil ended down 0.32 cent at 34.43 cents per pound and December soyameal fell 80 cents to $310.50 per short ton.
The USDA reported export sales of US soyabeans in the latest week at 1,176,900 tonnes (old and new crop years combined), near the low end of trade expectations for 1.1 million to 1.55 million tonnes. Export sales commitments in the 2017/18 season to date are more than 15 percent behind last year despite the USDA's forecast for a 3.5 percent year-on-year export increase.
Forecasters are calling for crop-boosting rains in northern and southern Brazil over the next several days. Seedings in Argentina have stalled due to dry weather, but parts of that country are also slated to receive rain. Private analytics firm Informa Economics trimmed its forecast of US 2018 soyabean plantings to 89.627 million acres, from its month-ago projection of 90.347 million acres.
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