Saturday, 28 March 2015 01:14
CHICAGO: US soybean futures fell to a one-week low on Friday on pressure from the expanding South American harvest and forecasts for huge plantings in the United States, traders said.
It was the fourth straight lower close for the front-month soybean contract at the Chicago Board of Trade.
Soymeal futures also slipped, but support from end-of-week short covering kept the declines in check.
Soyoil posted the biggest decline, dropping 1.7 percent on weak demand in the cash market and technical selling. The benchmark CBOT May soyoil contract firmed early but failed to hold support above its 20-day moving average.
For the week, the front-month soybean contract fell 0.6 percent. Soyoil futures were 0.1 percent lower and soymeal fell 0.3 percent.
Copyright Reuters, 2015
