CHICAGO: Chicago Board of Trade soybean futures fell on Tuesday on improving US crop conditions and a lack of fresh news about trade talks with China, traders said.
* CBOT November soybeans settled down 8 cents at $8.59-1/4 per bushel.
* The market pulled back after rising on Monday on short covering and hopes for easing tensions in the US-China trade war.
* CBOT December soymeal ended down $1.60 at $297 per short ton, and December soyoil slipped 34 cents to 28.35 cents per pound.
* The US Department of Agriculture, after the close of trading on Monday, increased its weekly good-to-excellent rating for the nation's soybean crop by 2 percentage points to 55%. That topped analysts' estimates for 54%.
* Ratings climbed by 10 percentage points to 50% good to excellent in Illinois and by 4 percentage points to 48% in Missouri.
* The improved condition fuels expectations that the crop may be getting bigger, said Don Roose, president of US Commodities.
* However, cool weather is not ideal for the crop after it was planted late due to heavy rains and floods this spring, traders said.
* Only 79% of US soybeans had set pods by Aug. 25, breaking the modern-era record for that date of 80%, set in 1996, according to the USDA.
* Regarding the trade war, China's foreign ministry reiterated on Tuesday that it had not heard of any recent telephone call between the United States and China on trade.
Comments
Comments are closed for this article.