CBOT soybeans close lower; soymeal sheds 1.6pc

imageCHICAGO: US soybean futures fell on Wednesday, weighed by weak cash markets as well as a profit-taking setback after rallying to its highest in more than six weeks on Tuesday. Traders also said that hopes of a settlement to the truckers’ strike in Brazil pressured the market during the last hour of trading as the government met with truckers.

Weakness in the soymeal market, which dropped 1.6 percent on expectations that export demand for US soymeal will crumble in the face of cheaper supplies from South America, added further pressure.

Soyoil futures rose, with support from sharp gains in crude oil prices outweighing headwinds from the declines in soymeal and soybeans.

Traders were waiting for the US Agriculture Department’s weekly export sales report on Thursday morning for an indication of how much overseas demand has shifted to South America. Trade forecasts for weekly soybean export sales ranged from 450,000 to 650,000 tonnes.

Copyright Reuters, 2015

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