Chicago Board of Trade soyabean futures dropped 1.9 percent to a six-week low on Wednesday on concerns about an ongoing trade dispute with China cutting demand from the world's top buyer of the oilseed. The benchmark CBOT July soyabean contract dropped below $10 a bushel for the first time since April 4.
The July contract fell through its 200-day moving average before finding support at the low end of its 20-day Bollinger range. CBOT soyameal futures dropped 1.4 percent, with the July contract falling below its 50-day moving average. Soyaoil futures also were lower. Analysts were expecting a US Agriculture Department report on Thursday morning to show weekly soyabean export sales in a range from 400,000 to 1 million tonnes.