Chicago Board of Trade (CBOT) soyabean futures closed lower on Monday on technical selling and spillover weakness from corn and wheat, traders said. CBOT May soyabeans settled down 3-1/2 cents at $8.77 per bushel after dipping to $8.76-1/4, its lowest since Nov. 1, and July ended down 3-1/2 cents at $8.90-3/4.
CBOT May soyameal ended down 70 cents at $302.50 per short ton and May soyaoil fell 0.10 cent at 28.70 cents per pound. Disappointing weekly export data added to bearish sentiment. The US Department of Agriculture reported export inspections of US soyabeans in the latest week at 382,298 tonnes, below a range of trade expectations for 400,000 to 800,000 tonnes.
The USDA said on Friday that private exporters sold 105,000 tonnes of US soyameal to Colombia, including 60,000 tonnes for delivery in the 2018/19 marketing year and 45,000 tonnes for 2019-20.
Ahead of the USDA's weekly crop progress report later on Monday, analysts surveyed by Reuters on average expected the government to show that farmers were able to plant 2% of their intended soyabean acres by Sunday. Analysts on average expect Statistics Canada this week to report Canadian canola seedings at 21.8 million acres, down from the 22.8 million acres planted in 2018.