By Joanna Levin
SOYABEAN futures in the USA traded mostly unchanged early last week. Forecasts for drier weather in the eastern Corn Belt initially raised expectations of a delay in planting. But it was not enough to prompt a significant market rally.
The Chicago May futures contract lost its previous weeks gains to end trading on Monday (May 4) at $6.41/bushel, down 7¢ on the week.
Higher soya oil prices early in the week helped to support the market for unprocessed beans. But the oil market was hit by speculative selling following news of a jump in domestic stocks from 1.52 billion lbs last September to 1.812 billion lbs this March.
The Chicago May soya oil contract lost 36¢ on the week to close on Monday (May 4) at $28.54.