CBOT soybeans close lower on profit taking, dollar strength

imageCHICAGO: US soybean futures fell on Thursday on a mild profit-taking setback following a late rally on Wednesday, traders said.

A firm dollar, which makes US commodities more expensive to overseas buyers, cast a bearish tone over agriculture futures.

A sharp drop in the price of crude oil added further pressure.

Soymeal and soyoil futures also closed lower. Soymeal has fallen for five of the last six session.

The US Agriculture Department said on Thursday morning that weekly old-crop export sales of soybeans were 342,000 tonnes, in line with forecasts for 250,000 to 450,000 tonnes.

Soymeal export sales for delivery during the 2014/15 crop year were 204,000 tonnes, above forecasts ranging from zero to 150,000 tonnes, and soyoil export sales were 8,100 tonnes, in line with expectations.

Copyright Reuters, 2015

You may also like...

Rules of Discussion on CBOT soybeans close lower on profit taking, dollar strength

1. This forum is for discussion of financial markets. Please respect others view even if they are contrary to you.
2. Member's comments should lead to value addition in forum discussion.
3. If anyone is found making repetitive Explicit/Abusive/Racial comments, his account shall be banned and old posts will be deleted.
4. Providing Advice/Recommendations/Tips is fine but it should be free. Members cannot ask to be paid for it. Paid Advice is strictly prohibited
5. Spam links are not allowed. Too much promotion or using Contact info in ID will lead to account ban.
IMP : Members are requested to flag any violations to keep Forum Clean.
Loading comments …