US soyabean futures approached six-week lows on Tuesday under pressure from the advancing US harvest, traders said. CBOT November soyabeans ended down 5-1/2 cents at $8.33-1/2 a bushel. The front month contract earlier hit its lowest price since September 20.
CBOT December soyameal ended down $3.10 at $305.10 per ton, and December soyaoil rose 0.11 cent to 28.00 cents per pound. Favorable weather for harvesting in the US Midwest weighed on prices, trader said, because it kept open the window for farmers to finish gathering their crops.
Additional pressure stemmed from the US dollar index reaching a 16-month high, traders said. Strength in the dollar makes US farm products less attractive to importers. US soya export sales to China, the world's top importer of the oilseed, have nearly halted due to the trade war between Washington and Beijing.
US President Donald Trump said he expected "a great deal" with China on trade, but warned that billions of dollars worth of new tariffs were ready to be imposed if a deal was not possible. Soyabean deliveries against Chicago Board of Trade November futures should be moderate on Wednesday, which is first notice day, traders and analysts said, citing weak cash values.
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