Soyabean futures on the Chicago Board of Trade fell on Friday, with the most-active May contract touching a two-month low on follow-through selling one day after the US Department of Agriculture raised its forecast for Brazil's soyabean harvest. CBOT May soyabeans settled down 4-1/2 cents at $10.06-1/2 per bushel after dipping to $10.03, its lowest since January 9.
For the week, the contract fell 31 cents per bushel or nearly 3 percent. CBOT May soyameal closed modestly higher on Friday, rebounding after a two-month low, while May soyaoil fell in sympathy with declines in Malaysian palm oil. Traders continued to digest revised US and Brazilian government forecasts for a record-large Brazilian soyabean harvest. The USDA on Thursday raised its forecast of Brazil's crop to 108 million tonnes, up from 104 million previously.
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