CBOT soybeans close lower on profit taking, dollar strength

imageCHICAGO: US soybean futures fell on Thursday on a mild profit-taking setback following a late rally on Wednesday, traders said.

A firm dollar, which makes US commodities more expensive to overseas buyers, cast a bearish tone over agriculture futures.

A sharp drop in the price of crude oil added further pressure.

Soymeal and soyoil futures also closed lower. Soymeal has fallen for five of the last six session.

The US Agriculture Department said on Thursday morning that weekly old-crop export sales of soybeans were 342,000 tonnes, in line with forecasts for 250,000 to 450,000 tonnes.

Soymeal export sales for delivery during the 2014/15 crop year were 204,000 tonnes, above forecasts ranging from zero to 150,000 tonnes, and soyoil export sales were 8,100 tonnes, in line with expectations.

Copyright Reuters, 2015

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