Chicago Board of Trade soyabean futures fell on Wednesday on harvest pressure and ongoing reports of very good early harvest yields, brokers said.
"They're talking about a record 3 billion bushel (2004 US soyabean) crop," one CBOT broker said, noting that November soyabeans had hit the lowest level since September 17, 2003.
Soyabean futures were last down 1 cent to 4-1/4 cents, with November down 4-1/4 cents at $5.38 and January down 3-1/4 cents at $5.46-1/4.
Caylon Financial sold at least 500 November while ADM Investor Services bought November and January, brokers said.
The losses occurred despite deeply oversold technical signs, brokers noted. The nine-day relative strength index for November was last at 8, well below the benchmark 30 that technicians view as oversold. The nine-day RSI for November has remained below 30 since Sept. 7.
CBOT soyameal futures were last down $1.50 per ton to up $1.20 per ton, with October down 70 cents at $159.20 and December down $1.30 at $161.00 per ton. Cash US soyameal basis offers were weak on Wednesday, dealers said.
Soyaoil futures were last down 0.12 cent per lb to up 0.25 cent per lb, with October down 0.12 cent at 21.75 cents and December down 0.05 cent at 21.66 cents. Losses in soyabeans and a mostly lower close in rival Malaysian palm oil futures weighed on soyaoil, brokers said.
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