Chicago Board of Trade soyabean futures closed lower on Wednesday, erasing early strength and turning down under pressure from farmer selling and steep declines in soyameal futures as traders bought soyaoil and sold soyameal on inter-market spreads.
CBOT May soyabeans settled down 5-1/4 cents at $8.81-1/2 per bushel, retreating after climbing to $8.97, the contract's highest since March 6.
CBOT May soyameal ended down $10.40 at $321.70 per short ton while May soyaoil rose 0.09 cent at 26.64 cents per pound.
The US Department of Agriculture said private exporters sold 20,000 tonnes of US soyaoil to South Korea.
Ahead of Thursday's weekly USDA export sales report, analysts expected the government to report export sales of US soyabeans in the week to March 19 at 400,000 to 900,000 tonnes. Worries about disruptions of supplies from South America due to coronavirus measures underpinned the soyabean market.
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