CBOT soybeans drop on profit taking, poor exports

imageCHICAGO: US soybean futures closed lower on Thursday, pressured by weak export demand for US supplies and some profit taking ahead of a holiday weekend, traders said.

Soymeal futures also dropped, with the benchmark Chicago Board of Trade May contract falling below its 50-day moving average before finding support at its 20-day moving average.

Soyoil firmed on end-of-week short covering.

For the week, CBOT soybeans rose 1.8 percent, largely due to a government forecast for plantings that fell below market expectations.

Copyright Reuters, 2015

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