OREANDA-NEWS. February 03, 2015. Chicago Board of Trade soybean futures closed lower on Monday for a fifth straight session after a seesaw trade, pressured by technical selling and expectations of large South American harvests, traders said.

Volume was light, and the lead March soybean contract stayed inside the previous session's range.

Soymeal fell on softening domestic cash values. Spot basis offers fell \\$5 to \\$6 per ton in the interior Midwest on ample supplies and limited demand from bearish buyers.

Soyoil rose on a technical bounce after last week's six-year lows, and on oil/meal spreading.

USDA reported export inspections of US soybeans in the latest week at 1,697,852 tonnes, topping a range of trade expectations for 1.15 to 1.3 million tonnes.

Brazil will produce 93.2 million tonnes of soybeans from the 2014/15 crop now being harvested, with output curtailed by dry weather in key growing areas, a crop tour sponsored by a local newspaper said.

Sales of Brazil's soybean crop stalled in January due to lower prices and uncertainty about the crop's potential, analyst AgRural said. The crop was 33 percent sold, barely changed from 31 percent a month earlier.