Chicago Board of Trade soyabean futures closed lower on Thursday on forecasts for cooler temperatures and increased rains in the US Midwest next week, traders said. A low number for soyabeans in USDA's weekly export sales report released on Thursday also lent pressure.
Market underpinned by uncertainty about US soy crop prospects, especially given hot and dry conditions in the southern Midwest and Mississippi River Delta. The US Census Bureau pegged June US soy crush at 124.32 million bushels, in line with estimates for 124.97 million bushels.
USDA said US net export sales of soybeans last week totalled 372,700 tonnes, below estimates for 550,000 to 850,000 tonnes. Firm dollar and lower crude oil also lending pressure to soy complex futures. Ongoing concern about the fate of the economy amid the stalemate in Washington over the debt issue trimming trade volume. August above all key moving averages with first major support at the 50-day ma $13.61-1/4, then at the 100-day ma $13.60-1/4. Nine-day RSI at 50.
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