Chicago Board of Trade soyabean futures closed lower on Friday on outlooks for warmer and drier weather in the US Midwest next week which will boost prospects for seeding the 2011 soybean crop. Markets closed on Monday, the US Memorial Day holiday.
Improved crop seeding progress is expected over the next week to 10 days as drier and warmer weather moves into the US Midwest. A developing high pressure ridge is seen as a boost to crop development rather than a hindrance.