Chicago Board of Trade (CBOT) soyabean futures closed lower on Monday, retreating from early advances under pressure from improving weather that should bolster US production prospects, traders said. CBOT August soyabeans settled down 14-3/4 cents at $8.89-3/4 per bushel while new-crop November ended down 14-1/2 cents at $9.08-1/2, turning lower after climbing $9.34-1/4, the highest price for a most-active soyabean contract in a year.
CBOT August soyameal ended down $8.10 at $307.20 per short ton and August soyaoil fell 0.24 cent at 28.13 cents per pound. Ahead of the US Department of Agriculture's weekly crop progress report, analysts surveyed by Reuters on average expected the government to rate 56% of the US soyabean crop as good to excellent, up from 54% a week earlier.
The USDA reported export inspections of US soyabeans in the latest week at 719,299 tonnes, near the high end of a range of trade expectations for 450,000 to 750,000 tonnes. Ahead of the USDA's monthly fats and oils report due on Monday, analysts surveyed by Reuters on average expected the government to show that 164.3 million bushels of soyabeans were processed in May.