CHICAGO: Chicago Board of Trade soybean futures fell on Tuesday on strong US crop ratings that have bolstered yield expectations, along with worries about trade tensions between the United States and China, the world’s biggest soy buyer, traders said.
CBOT August soybeans settled down 7 cents at $8.73 per bushel while new-crop November ended down 8 cents at $8.87-1/2.
CBOT August soymeal finished down 70 cents at $332.80 per short ton while August soyoil fell 0.02 cent at 29.03 cents per pound.
The soy market showed little response to the US Environmental Protection Agency’s proposed biofuels blending mandate of 19.88 billion gallons for 2019, which was in line with expectations.
The EPA proposed a biodiesel mandate of 2.43 billion gallons for 2020, while the 2019 standard stays at 2.1 billion gallons. Soyoil is they primary feedstock for biodiesel.
The US Department of Agriculture late Monday rated 73 percent of the US soybean crop as good to excellent, unchanged from the previous week and the highest rating on record for this point in the year.
Ahead of the USDA’s acreage report on Friday, analysts surveyed by Reuters on average expect the government to raise its estimate of US 2018 soybean plantings to 89.691 million acres, from its March forecast of 88.982 million.
Source: Brecorder
