Soyabean futures on the Chicago Board of Trade fell Thursday on technical selling, some hedge pressure and rising estimates of South America's harvest, traders said. CBOT July soyabeans settled down 4 cents at $9.66-1/4 per bushel. The Buenos Aires Grains Exchange raised its estimate of Argentina's 2016-17 soyabean crop to 57.5 million tonnes, from 56.5 million previously.
Brazil's agricultural statistics agency Conab raised its estimate of Brazil's 2016-17 soyabean harvest to 113 million tonnes, from 110.2 million last month. Light pressure from forecasts for warmer weather next week in the US Midwest that should aid planting and crop germination.
CBOT July soyameal closed down $2.80 at $314.90 per short ton, following soyabeans. CBOT July soyaoil ended up 0.21 cent at 32.49 cents per lb, supported in part by strength in Malaysian palm oil. The US Department of Agriculture reported weekly soyabean export sales of 451,400 tonnes (old and new crop years combined), in line with trade expectations. The USDA reported weekly soyameal export sales of 161,800 tonnes (old and new crop years combined), in line with trade expectations. The USDA reported weekly soyaoil export sales of 29,000 tonnes (all old-crop), above trade expectations.
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