Chicago Board of Trade soyabean futures closed lower on Friday on technical selling, worries about export demand and improving weather in dry areas of Argentina that bolstered harvest prospects, traders said.
CBOT May soyabeans settled down 10-3/4 cents at $8.48-3/4 per bushel after dipping to $8.45-1/4, the lowest price for a most-active soyabean contract since May 28, 2019. Most soyabean futures contract months fell to contract lows.
CBOT May soyameal ended down $3.30 at $299.50 per short ton while May soyaoil settled down 0.01 cent at 26.37 cents per pound. Contract lows set in most soyaoil futures months.
Ahead of the National Oilseed Processors Association's monthly soyabean crush report due Monday, analysts surveyed by Reuters on average expected the trade group to report a February soyabean crush to 164.956 million bushels. Soyabean farmers in top exporter Brazil have harvested 62.8% of the 2019-20 crop, aided by drier weather in recent days, consultancy ARC Mercosul said.
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