Soyabean futures at the Chicago Board of Trade were called to open 10 to 12 cents per bushel lower Tuesday as the rebounding dollar and weakness in gold and crude oil were seen weighing on the soya market, traders said.
Much of the strength in the soyabean market over the past week was tied to the weakness in the dollar - falling to a record low against the euro. A weak dollar gives importers of food and feed more buying power.
Weighing on prices was the advancing US harvest, which was ahead of the normal pace due to ideal weather for maturing and harvesting crops, traders said. The products should follow soyabeans, pressured by the strengthening dollar. CBOT soyameal was called to open $1 to $3 per ton lower and soyaoil down 0.20 to 0.30 cent per lb.
Heavy October deliveries should also weigh on prices, particularly in soyaoil. Overnight, there were 376 soyameal deliveries. A Fortis customer issued 259 lots and a Kottke customer took 301 lots.
There large October soyaoil deliveries of 3,683 lots, posted by commercials and were met by scattered stoppers. The overnight e-cbot trend for soyabeans was down 5 to 12-1/2 cents per bushel, soyameal was 60 cents to $3.80 per ton lower and soyaoil was 0.32 cent per lb lower to 0.05.
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