CBOT soybeans weaken as traders wait for China deals

• A fast pace of planting also weighed on the soybean market after the US Agriculture Department said on Monday afternoon that 53pc of the US crop had been planted.
• The most-active CBOT July soybean futures contract dropped below its 10-day and 30-day moving averages.

CHICAGO: Chicago Board of Trade soybean futures fell on Tuesday as the market waited for signs of fresh buying interest from China, traders said.

A fast pace of planting also weighed on the soybean market after the US Agriculture Department said on Monday afternoon that 53pc of the US crop had been planted.

The most-active CBOT July soybean futures contract dropped below its 10-day and 30-day moving averages. Consolidation was noted around its 20-day moving average.

Soymeal futures firmed slightly on mild bargain buying after sinking to their lowest since May 2019.

Soyoil futures eased after hitting their highest since March 12.