Chicago Board of Trade soyabean futures closed modestly lower on Monday on forecasts for improving South American crop weather, traders said, including welcome rains in Brazil and drier conditions in parts of Argentina. Broad declines in commodities including crude oil added pressure. CBOT March soyabeans settled down 2 cents at $9.23-1/4 per bushel, retreating from a two-week high set on Friday.
CBOT March soyameal ended down $1.70 at $312.20 per short ton, while March soyaoil bucked the weak trend, rising 0.27 cent to settle at 30.30 cents per pound. Soya futures underpinned by ideas that China might buy US commodities as a good-faith gesture as Washington hosts US-Sino trade talks on Jan. 30-31. The US Department of Agriculture reported export inspections of US soyabeans in the latest week at 929,417 tonnes, below a range of trade expectations for 1 million to 1.4 million tonnes.
Agronomists taking part in a crop tour of the main grain-producing regions in Brazil expect their forecasts for soyabean output this season to decline further as a result of poor weather.