CHICAGO: Chicago Board of Trade soyabean futures closed mostly lower on Thursday after the US Department of Agriculture (USDA) projected 2021 US plantings above trade expectations. CBOT March soyabean futures settled down 8-3/4 cents at $13.75 per bushel.
CBOT March soyaoil ended up 0.14 cent at 46.91 cents per pound, while March soyameal futures fell $5.80 to settle at $425.90 per short ton. During its annual two-day Ag Outlook Forum, the USDA forecast 2021 US soyabean plantings at 90 million acres, above the average analyst estimate for 89.4 million and up from 83.1 million in 2020.
The USDA also forecast the average US soyabean price at $11.25 per bushel in the 2021/22 season. The USDA is due to update its supply and demand tables early on Friday.
The United States may turn to imported soyabeans this year to supplement tight domestic supplies, but large planting this spring by US farmers will likely limit imported volumes, USDA Chief Economist Seth Meyer said on Thursday. The USDA is also due to release weekly US export sales data early on Friday.
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