Chicago Board of Trade (CBOT) July soyabean futures fell 8-3/4 cents to $9.39-1/2 on Thursday on a sharp drop in crude oil prices, traders said.Oil prices declined more than 4 percent on smaller-than-expected Opec production cuts. Soyaoil can be influenced by energy prices, because soyaoil is used to make biodiesel fuel. CBOT July soyameal closed down $1.70 at $304.70 per short ton and CBOT July soyaoil ended down 0.24 cent at 32.04 cents per lb.

The US Department of Agriculture (USDA) reported weekly export sales of US soyabeans at 478,700 tonnes (old and new crop years combined), in line with trade expectations for 200,000 to 550,000 tonnes. The USDA reported weekly export sales of soyameal at 159,900 tonnes (old and new crop years combined), in line with trade expectations. The USDA reported weekly soyaoil export sales at 10,000 tonnes, in line with trade expectations. Malaysian August palm oil futures rose 1 percent after cargo surveyor data showed stronger export demand in May.

Copyright Reuters, 2017