CBOT soybeans slip after better-than-expected US crop rating
- CBOT July soybeans were down 1-1/2 cents at $8.63-1/4 per bushel at the close.
- CBOT July soymeal ended down $1.30 at $287.10 per short ton, while July soyoil rose 0.13 cent to 28.23 cents per pound.
CHICAGO: Chicago Board of Trade soybean futures finished slightly lower on Tuesday on improving US crop conditions and profit-taking, traders said.
CBOT July soybeans were down 1-1/2 cents at $8.63-1/4 per bushel at the close.
CBOT July soymeal ended down $1.30 at $287.10 per short ton, while July soyoil rose 0.13 cent to 28.23 cents per pound.
Traders were watching for new sales of US soybeans to China, after the US Department of Agriculture last week confirmed that China made a string of purchases.
The USDA, in a report issued after the market closed on Monday, rated 72% of the nation's soybean crop as good to excellent, up from 70% the previous week. Analysts on average had expected a smaller improvement of 1 percentage point.
The USDA said soybean planting was 86% complete, up from 75% a week earlier and ahead of the five-year average of 79%. Analysts expected planting to be 87% complete.
Conab estimated Brazil's 2019/2020 soybean crop at 120.424 million tonnes, compared to its May estimate of 120.330 million.
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