CHICAGO: Chicago Board of Trade (CBOT) soyabean futures weakened on Tuesday as US weather forecasts called for more rain in US crop-growing areas that looked unfavorably hot and dry a day earlier, traders said.
CBOT November soyabeans closed down 3-3/4 cents at $9.02-1/2 a bushel.
The most-active contract pulled back a day after touching its highest price since March 5.
CBOT August soyameal ended down $2.30 at $295.50 per short ton, while August soyaoil rose 0.33 cent to 28.87 cents per pound.
Traders took profits after soyabean futures on Monday reached a four-month high on concerns that hot, dry conditions in the US Midwest could threaten crop yields.
Traders are waiting for the US Department of Agriculture to issue monthly estimates on crop production and yields on Friday.
Comments
Comments are closed.