CBOT soy turns lower on technical trading ahead of USDA report

Chicago Board of Trade (CBOT) soybean futures dropped on Wednesday as traders adjusted their positions and sought to reduce risk ahead of the U.S. Department of Agriculture's quarterly grain stocks and prospective plantings reports on Thursday, analysts said.

  • CBOT May soybeans (SK24) settled 6-1/2 cents lower at $11.92-1/2 per bushel.

  • CBOT May soymeal (SMK24) settled $0.80 lower at $339 per short ton and CBOT May soyoil (BOK24) fell 0.75-cent to settle at 47.67 cents per pound.

  • Earlier in the week, farmers offloaded old-crop supplies ahead of Thursday's potentially market-moving reports and the upcoming spring planting season, analysts said.

  • Traders said they are particularly focused on U.S. farmer's plantings intentions this spring, after soybean futures dropped to three-year lows this year.

  • Analysts expect the USDA, in its quarterly grain stocks data, will report March 1 U.S. soybean supplies rose to 1.828 billion bushels from 1.687 billion a year earlier.

  • Stiff competition for U.S. export sales from Brazil and concerns about demand from top-importer China still hang over the market.

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