Soyabean futures on the Chicago Board of Trade were weak Tuesday, pressured by heavier-than-expected rains in Illinois overnight that were seen recharging topsoil moisture and improving crop conditions, traders said.
From 0.25 to 0.75 inch of rain, locally heavier, fell in Illinois. In Decatur, Illinois, 1.2 inches of rain fell, said a DTN Meteorlogix forecaster. More rain was forecast for the dry eastern Midwest this week. Although the amounts will be on the lighter side, they should help stabilise topsoil moisture which has been depleted.
July soyabeans was down 4-1/4 cents at $8.51 per bushel by 10:50 am CDT (1550 GMT). The back months were 1 to 4-1/2 cents down.
The products were following along. Soyameal was down 60 cents to $2 per ton lower, with July soyameal down $2.10 at $235.70.
July soyaoil was up 0.01 cent at 36.10 cents per lb, recovering from a weak open. The back months were up 0.02 cent to down 0.03. Crop conditions have deteriorated in the past week due to the dryness. The US Agriculture Department reported that 65 percent of the US soyabean crop was good to excellent, down 5 points from the week before. Big drops came in the east. Indiana and Illinois were down 13 to 15 points respectively in the good-to-excellent categories. Ratings were much lower than expected as traders estimated that conditions would drop 1 to 2 points.
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