Chicago Board of Trade soyabean futures settled steady to fractionally higher Thursday in technically driven trade, with worries about falling Argentina crop estimates helping to pare declines late in the session. CBOT May soyabeans settled unchanged at $10.29-3/4 per bushel. CBOT May soyameal ended up $3.50 at $368 per short ton while May soyaoil fell 0.49 cent at 31.88 cents per pound.
The Buenos Aires Grains Exchange cut its estimate of the country's soyabean crop to 39.5 million tonnes, from 42 million previously. In Brazil, Fazenda Eliane, a prominent privately owned farming group in the state of Bahia, is looking at the best soya crop yields of its 30-year history. Soyabean futures were pressured at times by trade jitters as US President Donald Trump signed a presidential memorandum that could impose tariffs on up to $60 billion of imports from China, the world's biggest soya buyer.
Also bearish, private analytics firm Informa Economics raised its forecast of US 2018 soyabean plantings to 91.5 million acres, from 91.197 million previously, trade sources said. The US Department of Agriculture delayed its weekly export sales report until Friday.
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