CHICAGO: Chicago Board of Trade soybean futures declined on Friday, pressured by improved US crop weather and relatively ample US stockpiles, traders said.
CBOT August soybeans settled down 13-3/4 cents at $8.76 per bushel after dipping to $8.74-1/2, the contract's lowest since June 12.
For the week, the August soybean contract fell 28-1/2 cents a bushel or 3.2pc, its second straight weekly slide.
CBOT August soymeal on Friday ended down $2.30 at $305.80 per short ton and August soyoil fell 0.61 cent to 27.56 cents per pound.
Forecasts called for favorably warm Midwestern temperatures over the next week and widespread rainfall that should maintain ample soil moisture, albeit with a risk of excessive wetness in the northwestern crop belt.
The US Environmental Protection Agency proposed holding the US biodiesel blending mandate at 2.43 billion gallons for 2021, unchanged from 2020. Soyoil is the primary feedstock for US biodiesel.
Traders shook off strong weekly soybean export sales data. The US Department of Agriculture reported export sales of US soybeans in the latest week at 1,029,100 tonnes (old and new crop years combined), toward the high end of trade expectations for 600,000 to 1,200,000 tonnes.
The US export sales total included 607,300 tonnes of old-crop soybeans sold to China.
Comments
Comments are closed for this article.