CBOT soybeans close lower for third straight day
- Soyoil futures also ended lower but soymeal surged to its highest since June 12, 2018.
- Traders said strong demand for US soymeal on the export market supported the rally.
CHICAGO: Chicago Board of Trade soybean futures fell for the third day in a row on Wednesday, with traders citing harvest progress and signs of weakness in the US cash market that outweighed strong export demand.
Soyoil futures also ended lower but soymeal surged to its highest since June 12, 2018.
Traders said strong demand for US soymeal on the export market supported the rally.
The benchmark CBOT November soybean futures contract found technical support at its 10-day moving average.
CBOT December soyoil dropped below its 20-day and 30-day moving averages.
Private exporters reported the sale of 132,000 tonnes of soybeans to China and 126,000 tonnes of soybeans to unknown destinations during the 2020/21 marketing year, the US Agriculture Department said.
A weekly USDA report on Thursday morning was expected to show soybean export sales in a range from 2 million tonnes to 3 million tonnes compared to 2.457 million tonnes a week earlier.
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