Chicago Board of Trade soyabean futures closed lower on Thursday, halting a three-session climb, pressured by poor US export data and declines in global equity markets tied to worries about the coronavirus slowing the global economy, traders said.
CBOT May soyabean futures settled down 10-1/4 cents at $8.97 per bushel, turning lower after reaching a one-month high of $9.12-1/2.
The May contract posted an "outside day" lower by trading above Wednesday's high and then falling below Wednesday's low a bearish chart signal.
CBOT May soyameal ended down $5 at $303.90 per short ton and May soyaoil fell 0.35 cent to settle at 29.39 cents per pound.
The US Department of Agriculture reported export sales of US soyabeans in the week ended February 27 at 346,400 tonnes (old and new crop years combined), below a range of trade expectations. Sales to top global soya buyer China totaled just 6,012 tonnes, the lowest since the week ended Sept. 5. Some of Argentina's farmers will hold a four-day sales strike next week, the CRA growers group said, to protest a government tax hike on soya products.
Comments
Comments are closed for this article.