CHICAGO: Chicago Board of Trade soyabean futures retreated on Tuesday on slowing export demand and improved crop prospects in South America after recent rains and forecasts for more, traders said. CBOT January soyabeans fell 12-3/4 cents to settle at $11.45-3/4 per bushel.
CBOT January soyameal ended down $5.40 at $376.90 per short ton. January soyaoil was down 0.59 cent at 37.44 cents per lb. Recent storms have lessened early-season drought stress on crops in parts of Brazil and Argentina. Updated forecasts have also projected better rains over the next two weeks.
Soyabean export sales, particularly to China, have slowed over the past month as prices scaled to multiyear highs. Rising tensions between the United States and top soya importer China weighed on the market. China vowed to take "reciprocal" retaliation against the United States on Monday to protest US sanctions on Chinese officials over Hong Kong.
Traders are looking ahead to Thursday's US Department of Agriculture (USDA) monthly supply-and-demand report, which is expected to show tightening US and global supplies and smaller crops in Argentina and Brazil.
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