CHICAGO: Chicago Board of Trade soyabean futures closed higher Tuesday after the US Department of Agriculture lowered its forecast of US 2017-18 soyabean ending stocks in a monthly report, bucking trade expectations for an increase.

CBOT May soyabeans settled up 3 cents at $10.50 per bushel.

The USDA trimmed its 2017-18 US soyabean ending stocks forecast to 550 million bushels, down from 555 million last month and below an average of analyst estimates for 574 million.

CBOT soyameal futures fell sharply after the USDA raised its estimate of the US 2017-18 soyabean crush, implying strong processor demand for soyabeans and increased production of soyameal.

CBOT May soyameal settled down $5.70 at $383.90 per short ton, and several back months, including December 2018, hit contract lows.

CBOT May soyaoil ended up 0.33 cent at 31.85 cents per pound, gaining against soyameal on oil/meal spreading.

Argentina booked its largest purchase of US soyabeans in 20 years, the USDA confirmed, after drought cut the harvest in the world’s third biggest soya producer.—Reuters