Chicago Board of Trade soyabean futures closed lower on Monday on improved US planting weather, falling crude oil and on profit-taking. Drier weather this week in the US Midwest seen boosting crop plantings except in low-lying areas adjacent to rivers where flooding remains a problem. There will be some occasional shower activity that will disrupt plantings.
NOPA monthly crush report to be released on Tuesday expected to show US soy crush in May at 121.56 million bushels. USDA said 6.780 million bushels of soyabeans were inspected for export last week. Favourable weather allowed Argentine farmers to finish 2010/11 soyabean harvesting in some areas last week, but dryness and strong winds slowed down wheat plantings, the Agriculture Ministry said on Friday.
Following soyabeans and unwinding of meal/oil spreads. CBOT soymeal registrations late on Friday 1,941 contracts, unchanged from Thursday and down 789 for the month. Unwinding of meal/oil spreads lend support with gains limited by lower crude oil.