Chicago Board of Trade soyabean futures fell on Wednesday as traders jockeyed for position ahead of key US Department of Agriculture planting intentions and stocks reports, traders said. CBOT May soyabeans closed the day down 1-1/2 cents at $10.18 per bushel, trading near the contract's 50-day moving average, but chart resistance kept soyabeans below the key technical level for a second straight day.
The soyabean markets found some support on reports of Chinese buying of old crop US soyabeans, one trader said on Wednesday. However, soyabean futures eased back as attention shifted toward US government planting estimates on Thursday, which are expected to show soyabean acreage expanding and overtaking corn. Traders said they expected Thursday's market performance to focus heavily on the USDA's quarterly stocks numbers, particularly focusing on any additional gains the federal government may report.
Analysts expect the USDA to report record-high March 1 corn and soyabean stocks, reflecting several years of bumper harvests. Brazil's soyabean harvest is just over 70 percent complete and yields there are higher than expected. But the trade also continues to focus on reports of low soyabean yields in Argentina, traders said.
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