Soybean futures on the Chicago Board of Trade declined throughout the past week. The market was impacted by slackening demand for soybeans and soybean meal due to both new avian flu outbreaks in Europe, Egypt, and India and predicted rains in droughty regions of Argentina.
The weather in South America remains in the focus of market's attention. It was unfavourable for soybean crops last week. However, a cold front arrival is predicted, which will bring lower temperatures and precipitation to moisten the soil.
The spread of avian flu in Asia and Europe arouses fears that demand for compound feeds may decrease. European traders have already cancelled their applications for a few shipments of soybean and soybean meal from Brazil.