CBOT soybeans close unchanged after monthly USDA report

CHICAGO: Chicago Board of Trade soybean futures closed mostly steady on Tuesday as the US Department of Agriculture's monthly supply/demand report failed to stir the market.

CBOT May soybeans settled unchanged at $8.98-3/4 per bushel, with deferred contracts narrowly mixed.

CBOT May soymeal ended down 10 cents at $309.10 per short ton while May soyoil rose 0.16 cent at 29.04 cents per pound.

The USDA in its monthly report trimmed its forecast of US 2018/19 soybean stocks to 895 million bushels, down from 900 million in March and roughly in line with trade estimates.

The soybean stockpile was still expected to be the biggest on record and more than double the amount that was left over heading into the current marketing year.

The USDA raised its estimate of Brazil's 2018/19 soybean harvest to 117 million tonnes, up from 116.5 million in March and at the top end of a range of analyst expectations.

China said it was expecting a smaller output of rapeseed oil - also known as canola oil - in 2018/19, after it canceled import permits for canola seeds from two Canadian companies.