CHICAGO: Chicago Board of Trade soyabean futures fell on Tuesday as stronger than expected crop conditions weighed on the market, traders said.
The most-active soyabean futures contract fell 1-1/2 cents, settling at $9.13-3/4 a bushel.
Soyameal futures fell $2.10 to end at $296.20 per short ton, while soyaoil added 0.28 cent to 31.58 cents per pound.
Strong soyabean conditions were reported in Ohio and South Dakota by the Pro Farmer Midwest Crop Tour on Monday evening. While the crop tour does not project soyabean yields, it estimated the amount of soyabean pods in a 3-by-3-foot square in Ohio at an average of 1,155.68 pods - up from its three-year average of 1,039.74. In South Dakota, the tour averaged 1,250.86 pods, up from the last three-year average of 919.04 pods.
The US Department of Agriculture's weekly crop progress report, released Monday after the markets closed, showed 72% of the US soyabean crop in good-to-excellent condition, down two percentage points from a week ago in line with average trade expectations. The USDA reported fresh soyabean export sales totaling 130,000 metric tons of soyabeans for delivery to unknown destinations.-Reuters
Comments
Comments are closed for this article.