Chicago Board of Trade soyabean futures ended mixed on Thursday as sinking soyameal prices dragged down nearby contracts, reversing early gains fueled by strong soyabean export sales and sharply higher crude oil prices, traders said.
CBOT May soyabeans ended down 4 cents at $8.58-3/4 per bushel. The contract broke through support at its 20-day moving average. Deferred soyabean contracts were 4-1/2 cents higher to 3-1/4 cents lower.
CBOT May soyameal ended down $5.80 at $309.10 per short ton while May soyaoil rose 0.19 cent to 26.24 cents per pound. Soyabeans rose to session highs as crude oil markets rallied after US President Donald Trump said he had brokered a deal with top crude producers Russia and Saudi Arabia to cut output and arrest an oil price rout.
Traders remain concerned about weaker demand as the coronavirus crisis has triggered higher US unemployment and threatened to tips the global economy into recession. The US Department of Agriculture said US soyabean export sales were 1.071 million tonnes last week, just above a range of market forecasts for 375,000 tonnes to 1 million tonnes.
Argentina's 2019/20 soya crop is expected at 49.5 million tonnes, the Buenos Aires Grains Exchange said in its weekly report on Thursday, citing bad weather and lower-than-expected yields as the reason for cutting its earlier forecast for 52 million tonnes.
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