Chicago Board of Trade soyabean futures fell Thursday on technical selling and profit-taking after a two-session climb, and on the expanding harvest of a projected record-large Brazilian crop, traders said. CBOT May soyabeans settled down 14-1/2 cents at $10.37-1/4 per bushel. CBOT May soyameal and soyaoil futures followed soyabeans lower.
Private analytics firm Informa Economics raised its estimate of Brazil's 2016/17 soyabean crop to 108 million tonnes, a record if realized, up from 106.5 million previously, trade sources said. The US Department of Agriculture reported weekly old-crop soyabean export sales at 427,700 tonnes, in line with trade expectations. The USDA reported weekly sales of old-crop soyameal at 139,500 tonnes, at the low end of expectations, and new-crop sales at 1,400 tonnes.
The USDA reported weekly soyaoil export sales at 28,700 tonnes, in line with trade expectations. The European Commission forecast EU rapeseed production for 2017/18 at 22.1 million tonnes, up 10.6 percent from a four-year low of 20.0 million in 2016/17. The CBOT reported 561 soyabean deliveries against the March futures contract, with the Term house account stopping 208. There were also 253 soyameal deliveries and 594 soyaoil deliveries.
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