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CBOT soybeans drop on Argentina rain forecast

CBOT soybeans drop on Argentina rain forecastCHICAGO: Chicago Board of Trade soybean futures fell 1.2 percent on Thursday due to forecasts for crop-boosting rain in Argentina, traders said.

Prices for the benchmark CBOT January soybean futures contract fell below the 100-day and 200-day moving average during the support.

The most-active soybean futures contract hit its lowest since Oct. 12 and closed near session lows.

Soymeal futures also fell, with the benchmark January contract dropping below its 30-day, 40-day and 50-day moving averages.

Soyoil notched its fourth straight day of declines.

The US Agriculture Department reported weekly soybean export sales of 1.566 million tonnes. Analysts’ forecasts ranged from 1.4 million to 2.0 million tonnes.

Soymeal export sales of 455,400 tonnes topped expectations and soyoil export sales of 14,500 tonnes were in line with estimates.

Copyright Reuters, 2017

Source: Brecorder.com

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