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CBOT soybeans fall despite recent export sales

2019-06-08 05:56

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CHICAGO, June 7 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures settled lower on Friday, with soybeans falling double digits as trade concerns overshadowed recent export sales.

The most active corn contract for July delivery was down 4.75 cents, or 1.13 percent, to 4.1575 U.S. dollars per bushel. July wheat was down 5.5 cents, or 1.08 percent, to 5.045 dollars per bushel. July soybeans were down 12.5 cents, or 1.44 percent, to 8.5625 dollars per bushel.

The U.S. Department of Agriculture (USDA) on Thursday reported net soybean sales of 510,000 metric tons for 2018/19 marketing year during May 24-30. The sales were up 28 percent from the previous week and 86 percent from the prior four-week average.

The USDA confirmed on Friday that private exporters reported another sale of 110,000 metric tons of soybeans for delivery to Egypt.

However, prolonged trade disputes between the United States and China, the top U.S. soybean buyer, have obviously overshadowed seemingly upbeat recent export sales, said market watchers.

Moreover, drier conditions in the U.S. Midwest would offer a window to speed up wet-weather-delayed soybean seeding progress, putting more pressure on soybean futures.

Meanwhile, the USDA reported weekly export sales of U.S. corn and wheat as net reduction after several countries canceled purchases, which led to the fall of their prices. Enditem

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