Soyabean futures at the Chicago Board of Trade slid early on Tuesday as the market continued to set back after Friday's rally amid pressure from favourable US crop conditions, traders said.
Also bearish were forecasts for light off-and-on showers across the Midwest this week, a private forecaster said. But the western crop region will be warm with highs climbing into the 80s to low 90s degrees Fahrenheit.
July soyabeans dipped below $6 per bushel for the first time since Friday's rally - down 4 cents at $5.99-1/4 by 11 am CDT (1600 GMT). The back months were down 3-1/4 to 6-1/2 cents.
There were some speculative sales but there was also scattered commercial hedge pressure, traders said. The US Agriculture Department reported on Monday that 70 percent of the US soyabean crop was in good to excellent condition, above trader estimates for 65 to 69 percent and the year-ago mark of 62 percent.
The USDA also said 89 percent of the soya crop was planted, lagging trade estimates for 90 to 94 percent but ahead of the five-year average of 81 percent. US export business was slow this week with buyers turning to South America for newly harvested soyabeans.
Midwest spot basis bids for soyabeans were steady to weaker on Tuesday, with river bids softer after recent farmer sales linked to last week's rally, dealers said.
The soya products were also under pressure, setting back from last week's climb. The drop in crude oil was weighing on CBOT soyaoil, which has been acting more like an energy product than a food given the booming soya biodiesel market, traders said.
July soyameal was down $1.30 at $182.60 per ton, with the deferreds down $1 to $1.30. July soyaoil was 0.16 cent weaker at 25.14 cents per lb, with the backs down 0.16 to 0.21.
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