Chicago Board of Trade (CBOT) soyabean futures extended their rally on Wednesday, but pared gains late in the session as corn futures cooled on technical selling and traders considered whether seeding delays in corn could prompt farmers to shift acres to soyabeans, which can be planted later. Chicago Board of Trade (CBOT) July soyabeans settled up 4 cents at $8.35-1/2 per bushel, rising to $8.48-1/4 a bushel in midday trading.
The rally also saw CBOT July soyameal ending the day up $1.80 at $299.80 per short ton, and CBOT July soyaoil settling up 0.24 cent at 27.24 cents per pound. Ahead of the US Department of Agriculture's export sales report on Thursday, analysts expect the government to report weekly US soyabean export sales at 300,000 to 1.0 million tonnes (old and new crop years combined).
The National Oilseed Processors Association said its US members crushed 159.99 million bushels of soyabeans in April, down from 170.0 million in March and below an average of analyst expectations for 161.6 million.
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