CBOT March soyabeans settled the day up 1-3/4 cents, at $9.02-1/2 per bushel. CBOT March soyameal ended down 20 cents at $305.20 per short ton, while March soyaoil ended up 0.22 cent at 29.96 cents per pound. Brazil is expected to export 70.2 million tonnes of soya in 2019, consultancy Agroconsult said on Wednesday, cutting its previous forecast of 73 million tonnes.
The forecast for Brazil's total soyabean production was revised down slightly to 116.4 million tonnes, compared with the prior forecast earlier this month of 116.5 million tonnes, Agroconsult said. The US Department of Agriculture is expected to release its forecasts for US 2019 corn, soyabean and wheat plantings this week at its annual Outlook Forum. USDA is expected to release six weeks of US export data on Friday. The data release was delayed because of the partial government shutdown.
Regulatory data from the Commodity Futures Trading Commission released on Tuesday showed that noncommercial traders, a category that includes hedge funds, increased their net short position in CBOT wheat and trimmed their net short position in soyabeans.