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CBOT soybean futures drop as U.S. northern plains planting weather improves

26 May 2022 7:38 am
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New Delhi, 26 May (Commoditiescontrol) CBOT soybean futures dropped on Wednesday, with forecasts for improved planting weather in northern growing areas pressuring prices.

Soymeal and soyoil also declined on prospects for increased competition on the export market, a trade analyst said.


The benchmark Chicago Board of Trade July soybean futures contract shed 12 cents to settle at $16.81 a bushel.

CBOT July soymeal was down $2.90 at $424.20 a ton and CBOT July soyoil dropped 1.20 cents to 78.92 cents per pound.



Market analysts were expecting a U.S. Agriculture Department report on Thursday morning to show that export sales of soybeans were in a range from 300,000 to 1.4 million tonnes in the week ended May 19. That compares with 902,189 tonnes in the week ended May 12.



China's custom authority is expected to approve imports of soy protein and soymeal from Brazil during talks next month, a report said quoting an official source.



The European Commission reported soybean imports at 12.83 MMT for the year through 5/22. That was down from 13.52 MMT during the same point last year. Soymeal imports were tallied at 14.47 MMT compared to 15.44 MMT during the same point last season.


       
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