Chicago Board of Trade (CBOT) benchmark soybean futures ticked downward Tuesday on technical trading as pressure from Brazil’s ongoing harvest and concerns about slow Chinese demand for U.S. supplies anchored prices.
The market drew underlying support as traders covered short positions ahead of the U.S. Department of Agriculture’s end-of-month plantings report. CBOT May soybeans SK24 settled down 2-1/4 cents at $11.85-1/2 per bushel.
CBOT May soymeal SMK24 settled up $2.00 at $333.90 per short ton and CBOT May soyoil BOK24 fell 0.56 cent to finish at 48.14 cents per pound. Brazil continues to offer cheaper soybeans on the world market, analysts said.
Brazil’s soybean harvest reached 63% of the planted area as of last Thursday, agribusiness consultancy AgRural said on Monday, up 8 percentage points from the previous week and just ahead of 62% a year earlier.
China, the world’s biggest soybean importer, approved more genetically modified corn and soybean varieties as it aims to develop and plant more high-yielding crops.
Source:https://www.nasdaq.com/articles/soybeans-fall-as-brazils-harvest-progresses-and-chinese-demand-slows