CBOT soyabeans futures lower on weak export data

Chicago Board of Trade soyabean futures settled lower on Monday, with traders noting long liquidation ahead of first notice day for the March contract. Weak export data also weighed on the market for much of the day. The most-actively traded May contract firmed overnight but hit resistance at its 100-day moving average, a level it also failed to break through on Friday. Consolidation trade was noted around the contract's 200-day moving average, a level it has not closed below since January 6. CBOT May hit its lowest since January 12.
Soyaoil futures contracts also weakened, with the most-actively traded May contract rebounded after hitting its lowest since September 14. Soyameal futures dipped but declines were limited after CBOT May soyameal found support near its 50-day moving average. The US Agriculture Department on Monday morning reported soyabean export inspections of 704,945 tonnes, in the latest reporting week. Analysts' forecasts for soyabean export inspections ranged from 750,000 to 1 million tonnes.