CHICAGO: Chicago Board of Trade soyabean futures ended lower on Friday on forecasts for much-needed rains in central and northern areas of Brazil that should bolster crop production prospects, traders said. However, worries about dry outlooks for Argentina and far southern Brazil added to uncertainty about yields in those regions, helping to keep a floor under the market.
CBOT January soyabeans settled down 5-1/4 cents at $11.63 per bushel. For the week, the contract fell 28-3/4 cents a bushel or 2.4%, snapping a four-week rally. CBOT January soyameal ended Friday down $4.50 at $385.50 per short ton, following soyabeans lower.
But CBOT January soyaoil rose 0.68 cent to settle at 38.41 cents per pound, following strength in Malaysian palm oil futures on expectations of tightening vegetable oil supplies.
A ship carrying 30,500 tonnes of US soyabeans was unloading its cargo on Friday in Brazil, the world's biggest soya exporter, according to a spokeswoman for the Paranagua port authority. Brazil sold so much of its soyabeans to China, that little was left to process internally during the inter-harvest period.
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