CHICAGO: Chicago Board of Trade soyabean futures retreated on Thursday after the US Department of Agriculture (USDA) trimmed its end-of-season supply forecast by less than expected in a monthly report, traders said. Soyabeans were also pressured by slowing US export demand and improving crop weather in South America, with rains expected in parts of Brazil and northern Argentina.
CBOT January soyabeans ended down 5-3/4 cents at $11.52-3/4 per bushel after peaking at $11.78 ahead of the USDA report. CBOT January soyameal ended down $1.90 at $377.20 per short ton. January soyaoil was up 0.20 cent at 38.06 cents per lb.
The USDA cut its 2020/21 US soyabean ending stocks forecast to 175 million bushels, down from 190 million a month ago but above the average trade forecast for 168 million. Global ending stocks were lowered to 85.64 million tonnes, from 86.52 million previously and above the average trade estimate of 85.11 million.