CBOT soybeans drop as crop prospects rise

• The benchmark CBOT July soybean futures contract closed above its session lows after finding support at the low end of its 20-day Bollinger range.
• Soymeal futures firmed on end-of-week bargain buying after sinking to their lowest level since April 2016.

CHICAGO: US soybean futures weakened to a one-month low on Friday on forecasts for good weather for crop development in the US Midwest.

The benchmark CBOT July soybean futures contract closed above its session lows after finding support at the low end of its 20-day Bollinger range.

Soymeal futures firmed on end-of-week bargain buying after sinking to their lowest level since April 2016.

Soyoil futures were lower, weighed down by declines in the crude oil market.

CBOT July soyoil found support at its 50-day moving average.

For the week, the most-active soybean futures contract was down 0.6%. Soymeal was 1.2% lower this week and soyoil was up 0.3%.