Chicago Board of Trade soyabean futures fell more than 2 percent on Thursday on favourable US crop weather and fund-driven long liquidation as the new-crop November contract fell below psychological support at $10 a bushel, traders said. CBOT July soyabeans settled down 20 cents at $9.74-1/4 per bushel.
New-crop November soyabeans ended down 18-3/4 cents at $9.94-3/4 a bushel, its lowest close since early February. CBOT July soyameal ended down $6.60 at $358.40 per short ton while July soyaoil fell 0.05 cent at 30.60 cents per pound. A drop in the Brazilian real to a two-year low against the dollar may encourage Brazilian farmers to sell more of their record-large 2018-2019 soyabean harvest.
China will start auctions of soyabeans from its state reserves starting June 14, the National Grain Trade Center said. Disappointing weekly export sales data added pressure. The USDA reported export sales of soyabeans in the week to May 31 at 199,500 tonnes (old and new crop years combined), below a range of trade expectations for 400,000 to 1 million tonnes. Uncertainty about US trade relationships with top global soya buyer China and other countries hung over the market as well.
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