Chicago Board of Trade soyabean futures cooled on Thursday after the US Department of Agriculture forecasted that the domestic soyabean stockpile was expected to continue to grow amid rising competition from Brazil. CBOT May soyabeans fell 1-1/4 cents to $10.64 per bushel on Thursday.
US soyabean ending stocks were seen at 555 million bushels, up 25 million bushels from the February forecast. The average of analysts' estimates in a Reuters poll for soyabean ending stocks was 530 million bushels. USDA raised its outlook for Brazil soyabean production by 1 million tonnes and its export outlook for the country by 1.5 million tonnes. But in a glimmer of good news, the agency lowered its outlook for the Argentine soyabean crop by 7 million tonnes.
CBOT May soyameal futures closed down 10 cents, closing at $383.4 per short ton. CBOT May soyaoil fell 0.26 cent per pound, to 31.84 cents per pound. Traders have been on edge amid news that US President Donald Trump's announcement on steel and aluminium tariffs will come by the end of this week. Trump is considering exempting America's neighbours to the north and south from tariffs the White House has been publicly considering imposing on imports of steel and aluminium.
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