CHICAGO: Chicago Board of Trade soyabean futures fell on Friday, as brewing tropical storms in the US Gulf offer hope of rain into the Midwest in the coming week, outweighing news of fresh exports to China, traders said. The most-active soyabean futures contract lost 1/2 cent, settling at $9.04-3/4 a bushel.
Soyameal futures fell $3.60 to end at $290.20 per short ton, while soyaoil added 0.25 cent to 31.67 cents per pound. For the week, the most active soyabean futures contract gained 0.67%, for a second consecutive week of positive movement.
Two tropical storm systems developing in the US Gulf could reach the coast by mid-week, potentially pushing much-needed precipitation into the Midwest. Exporters sold 400,000 tonnes of new crop soyabeans for delivery to China, as well as 368,000 tonnes of soyabeans bound for unknown destinations, according to the USDA.
Scouts on the widely followed Pro Farmer Midwest Crop Tour found above average pod counts in parts of southwestern and south-central Minnesota counties. India's soyabean production could jump by 32% in 2020 to 12.25 million tonnes from a year earlier due to higher area under the oilseed and as the yields are expected to rise on ample monsoon rainfall, a leading trade body said on Friday.
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