CHICAGO: Chicago Board of Trade soyabean futures closed lower on Tuesday after reaching their highest price since July 2016, as South American weather improved crop prospects for competing exporters, traders said.
The benchmark CBOT January soyabean futures contract ended 7-1/4 cents lower at $10.76-1/2 a bushel, after reaching a session high of $10.88-1/2, its highest since July 14, 2016.
CBOT December soyameal ended $5.60 lower at $384.00 per short ton, while December soyaoil finished down 0.35 cent at 34.11 cents per pound.
The US Department of Agriculture in a weekly crop progress report Monday showed 83% of soyabeans harvested, below analyst estimates, but well ahead of the 2019 harvest.
In Brazil, soya farmers had planted 23% of their estimated crop, according to agribusiness consultancy AgRural.—Reuters