CBOT soybeans end lower in setback from gains last week
- CBOT July soybeans were down 4-1/2 cents at $8.64-3/4 per bushel.
- CBOT July soymeal ended down 70 cents at $288.40 per short ton, while July soyoil dropped 0.04 cent to 28.10 cents per pound.
- Traders were unwinding long soybean/short corn positions,
CHICAGO: Chicago Board of Trade soybean futures closed weaker on Monday as the market pulled back from gains last week that were driven by Chinese demand, traders said.
CBOT July soybeans were down 4-1/2 cents at $8.64-3/4 per bushel.
CBOT July soymeal ended down 70 cents at $288.40 per short ton, while July soyoil dropped 0.04 cent to 28.10 cents per pound.
There was no new confirmation of US soybean sales to China, after the US Department of Agriculture reported a string of deals last week.
Traders were unwinding long soybean/short corn positions, which pressured soybean futures, an analyst said.
Analysts predict the USDA in a report later on Monday will rate 71% of the US soybean crop as good to excellent, up from 70% previously, according to a Reuters poll.
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