CHICAGO: Chicago Board of Trade soybean futures closed lower on Tuesday on technical selling and a lack of fresh fundamental news as traders continued to wait for word about ongoing US trade negotiations with China, the world's top soybean importer.
* After the CBOT close, a Trump administration official said US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin plan to travel to China next week for another round of trade talks with Chinese Vice Premier Liu He.
* CBOT May soybeans settled down 1-3/4 cents at $9.04 per bushel after hitting chart resistance at the contract's 20-day moving average near $9.09.
* CBOT May soymeal ended up $1 at $310.80 per short ton while May soyoil ended down 0.20 cent at 29.24 cents per pound.
* Soymeal futures drew support from a firming domestic cash market as flooding in the western US Midwest slowed movement of the feed ingredient by rail and truck.
* Brazil's association of soybean crushers, Abiove, raised its projection for soy stocks at the end of 2018 by more than 2 million tonnes, sharply increasing the volume considered as carry-over stocks into 2019.
* However, Abiove also lowered its forecast of Brazil's 2018-19 soybean harvest to 116.9 million tonnes, from 117.9 million in January.
* Traders continue to monitor flooding in the Midwest and a heavy snow pack in the Dakotas and Minnesota that could eventually delay corn planting and prompt farmers to switch some corn acres to soybeans.
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