imageCHICAGO: US soybean futures fell for the third day in a row on Monday on weak export demand for US supplies, traders said.

It was the front-month Chicago Board of Trade soybean futures contract’s sixth decline in seven sessions.

Overseas soybean buyers were focused on cheaper supplies from Argentina and Brazil, where farmers were in the midst of a bountiful harvest of the oilseed.

The US Department of Agriculture said on Monday that export inspections of soybeans were 450,317 tonnes in the latest week, down from 569,648 tonnes a week earlier. Analysts were expecting weekly soybean inspections between 350,000 and 500,000 tonnes.

Soymeal futures also weakened, hitting a six-month low on easing demand from China. Guo Feng, general manager with the state-owned Chinatex Edible Oil Co. Ltd, said that domestic soymeal demand is likely to stay weak for at least the next three months.

Soyoil futures closed lower after trading in positive territory for much of the session. The May contract failed to hold support above its 40-day and 50-day moving averages.

Copyright Reuters, 2015