Chicago Board of Trade soyabean futures were narrowly lower on Thursday, easing as traders locked in profits following recent multimonth highs, traders said. Analysts continued to cut production estimates for No. 3 global soya producer Argentina because of a drought, but the lower harvest was largely factored into prices for now.
Argentine farmers are expected to harvest 47 million tonnes of soya this season and not the 50 million tonnes forecast earlier, the Buenos Aires Grains Exchange said in its weekly crop report. CBOT March soyabeans settled down 2-1/4 cents at $10.32 per bushel after notching small gains earlier in the session. Soyameal and soyaoil futures also declined slightly, tracking losses in soyabeans. Investors awaited US Department of Agriculture supply and demand data due on Friday at the agency's annual outlook forum.
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