CHICAGO: Chicago Board of Trade (CBOT) soyabean futures retreated for a third consecutive day on Wednesday on favourable US Midwest weather and pressure from tumbling equities and crude oil markets, traders said.
CBOT July soyabeans were down 4-1/4 cents at $8.70-3/4 per bushel, settling just above technical chart support at its 100-day moving average.
CBOT July soyameal ended up 40 cents at $286.70 per short ton, while July soyaoil fell 0.52 cent to 27.65 cents per pound.
Futures were pressured in general by equities and crude oil markets, which posted steep losses as rising coronavirus infection rates stoked fears of renewed lockdown measures and economic damage. Forecasts for rains throughout the Midwest and generally mild temperatures tempered concerns about the soya crop after a recent spate of dry weather. Traders were also beginning to square positions ahead of next week's US Department of Agriculture quarterly stocks and planted acreage reports.
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