U.S. soybean futures fell on Wednesday, with forecasts for improved planting weather in northern growing areas pressuring prices.
Soymeal and soyoil also were weaker on prospects for increased competition on the export market, traders said. The benchmark Chicago Board of Trade July soybean futures contract shed 12 cents to settle at $16.81 a bushel, and technical support was noted at its 30-day moving average.
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 lb.
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, an official involved in the negotiations told Reuters, requesting anonymity.
(Reporting by Mark Weinraub; Editing by Lisa Shumaker)
