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Friday, June 2, 2023

CBOT soybeans drop to 4-1/2 week low

CBOT soybeans drop to 4-1/2 week lowCHICAGO: US soybean futures fell on Monday, hitting their lowest since February 11 on weakness in soymeal and expectations of huge plantings in the coming months, traders said.

Some bargain buyers pulled the benchmark Chicago Board of Trade May soybean futures contract off its session lows after prices briefly dipped below the low end of the 20-day Bollinger range.

Soymeal futures dropped nearly 1 percent. Dealers on the cash market said they expected supplies will build in the next few weeks as export demand shifts to South America.

Soyoil also closed lower, turning into negative territory late in the session. A sharp drop in crude oil futures weighed on soyoil.

The National Oilseed Processors Association on Monday said soybean crushings totaled 146.970 million bushels in February, up 3.8 percent from a year earlier.

Weekly soybean export inspections were 583,944 tonnes, down from 625,713 a week earlier and in line with market forecasts.

Copyright Reuters, 2015

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