Chicago Board of Trade soyabean futures fell Wednesday on position-squaring a day ahead of monthly supply/demand reports due from the US Department of Agriculture, traders said. CBOT July soyabeans settled down 4-1/2 cents at $10.15-3/4 per bushel, just below the contract's 200-day moving average.
CBOT July soyameal ended down 10 cents at $385.80 per short ton while July soyaoil rose 0.34 cent at 31.03 cents per pound as traders exited long soyameal/short soyaoil spreads. CBOT soyaoil drew support from surging crude oil futures. Soyaoil sometimes follows crude oil due to its role as a feedstock for biodiesel fuel.
Ahead of the USDA's monthly data on Thursday, analysts surveyed by Reuters on average expect the government to trim its forecasts of US and global 2017/18 soyabean ending stocks.Bears noted worries about US soya export prospects amid uncertainty surrounding US trade relations with China, the world's top soyabean buyer. Additional pressure noted from drier forecasts for Argentina, where the soyabean harvest has been stalled by rain.
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