Chicago Board of Trade soyabean futures fell for a second straight session on Thursday on weak US export sales and an improved crop weather forecast for South America. Benchmark CBOT March soyabeans settled 10-3/4 cents lower at $9.85 a bushel after hitting a near-two-week low of $9.77-1/2.
Technical selling propelled declines as the contract fell below its 50-, 100- and 200-day moving averages. Soyameal and soyaoil were also lower. Cooler and wetter weather are expected in drought-hit Argentina by mid-February, forecasters said. Also, a drier pattern for Brazil is expected, allowing the rain-stalled harvest to ramp up.
The US Department of Agriculture said net export sales of US soyabeans in the latest week at 409,600 tonnes (old- and new-crop years combined), below a range of trade expectations for 600,000 to 1.2 million tonnes. The USDA reported weekly soyameal export sales at 467,600 tonnes (old and new crop years combined) and soyaoil sales at 58,800 tonnes, both above trade expectations.
Brokerage INTL FCStone raised its forecast of Brazil's 2017/18 soyabean crop to 111.08 million tonnes, from 110.09 million previously. Argentina's soya crop is seen at 51 million tonnes, the Buenos Aires Grains Exchange said in its weekly crop report, citing drought as the reason for cutting a preliminary estimate of 54 million tonnes.
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