Chicago Board of Trade soyabean futures fell on Thursday for a fifth straight session, with the spot March contract hitting a six-week low on expectations of a big South American soya harvest and an expansion in US plantings, traders said. CBOT March soyabeans settled down 11-1/4 cents at $10.11-1/2 per bushel after dipping to $10.10, the contract's lowest since January 12. The contract fell through support at its 100- and 200-day moving averages.
The USDA at its annual outlook forum projected US 2017 soyabean plantings at 88.0 million acres, above an average of trade expectations in a Reuters poll for 87.6 million. Agroconsult, a Brazilian consultancy, on Wednesday raised its forecast for the country's 2016/17 soya crop to 107.8 million tonnes, up from its February 8 estimate of 105.3 million. CBOT March soyameal followed soyabeans lower.
Published under arrangements with Reuters.
No content from Business Recorder shall be reproduced, published, broadcast, rewritten for broadcast or publication, or redistributed directly or indirectly in any medium.
Business Recorder shall not be responsible or held liable for any error of fact, opinion or recommendation and also for any loss, financial or otherwise, resulting from business or trade or speculation conducted, or investments made, on the basis of the information posted here. Nor shall Business Recorder be held liable for any actions taken in consequence." >Copyright Reuters, 2017