US soybean futures weakened on Monday as investors locked in profits after prices earlier in the session jumped to the highest levels in two weeks, traders said. Prices remained underpinned by worries that dry conditions in top producer Brazil could limit production. Rains fell over the weekend in portions of the country but the "very persistent" pattern has allowed dryness to linger in key soy state Mato Grosso, MDA Weather Services said in a note to clients.
Chicago-based consultant AGR Brasil raised its forecast for the 2015/16 soybean crop slightly to 100.6 million tonnes from 100.5 million tonnes, but said current dry conditions in the Center West region erase the potential for a "super crop" of 104 million tonnes. Benchmark Chicago Board of Trade January soybeans finished near the support level of the 100-day moving average after rising above their 50-day moving average.
Soymeal futures also were lower, but held above the multiyear lows notched last week. Soyoil futures were higher, following gains in palm oil prices. The US Department of Agriculture said 1.46 million tonnes of soybeans were inspected for export last week, within the range of analyst estimates.
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