CHICAGO: Chicago Board of Trade soybean futures fell on Thursday, led lower by a sharp decline in soymeal futures, traders said.
Soymeal futures sank 2.0 percent, their biggest decline in nearly four months, pressured by ample supplies and light demand on the cash market.
Profit-taking also weighed on soymeal, which hit their highest since mid-July on Wednesday.
Soyoil futures edged higher as traders used the weakness in soymeal to unwind long soymeal/short soyoil spreads.
Technical support for the benchmark CBOT January soybean futures contract was noted at the 50-day moving average.
Traders shrugged off bullish export data for soybeans.
The US Agriculture Department on Thursday morning said that weekly export sales of soybeans totaled 2.086 million tonnes in the latest week, topping forecasts that ranged from 1.000 million to 1.650 million tonnes.
Source: Brecorder.com
