Chicago Board of Trade soyabean futures drifted lower Tuesday on wetter forecasts for crop areas of Argentina and spillover weakness from declines in corn futures, traders said. Crop weather remains generally favourable in Brazil, the world's top soyabean exporter. CBOT January soyabeans settled down 3 cents at $9.93 a bushel.
CBOT December soyameal ended down $3.60 at $323.50 per short ton, losing ground to soyaoil on oil/meal spreads. CBOT December soyaoil finished up 0.40 cent at 34.00 cents per pound. The spot oilshare, measuring soyaoil's share of value in soya products, rose to 34.31 percent, one day after dipping to 33.74 percent, its lowest level in six weeks.
Traders await the release of the US Environmental Protection Agency's 2018 mandates for biofuels, including soya-based biodiesel, which are due by November 30. The US Department of Agriculture released long-term US crop forecasts projecting that US soyabean plantings would rise to 91.0 million acres for the 2018-19 marketing year, topping the record high set in 2017-18 at 90.2 million.
The USDA said US soyabean stocks at the end of the 2018-19 marketing year, on Aug. 31, 2019, would tighten to 376 million bushels, from 425 million at the end of 2017-18.
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