Chicago Board of Trade soyabean futures fell on Wednesday on concerns about export demand from top buyer China drying up due to a trade dispute as well as ample supplies from Brazil, traders said. The benchmark CBOT July soyabean futures contract dropped below its 10-, 20-, 30-, 40- and 50-day moving averages during Wednesday's trading session.
US soyabean sales to China have ground to a halt after Beijing threatened tariffs on imports, the CEO of agricultural trader Bunge Ltd said on Wednesday. Analysts were expecting a US Department of Agriculture report early on Thursday to show weekly soyabean export sales in a range from 450,000 to 950,000 tonnes.
Brokerage INTL FCStone raised its estimate for the Brazil soyabean harvest to 117.0 million tonnes from 115.9 million tonnes.