Soyabean futures at the CBOT setback Friday on spill-over selling from soyaoil and crude oil as those markets were pressed by profit-taking after rising to historic highs this week, traders said. Both soyabeans and soyaoil came off their early lows when CBOT December wheat rose the 30-cent limit on Russia's plans to impose a prohibitive export tariff on wheat.
By noon CDT (1700 GMT) November soyabeans were down 7-1/4 cents at $9.84-1/4 per bushel and January was of 7-3/4 at $10.02-1/2 - falling below $10 at one point when soyaoil reached its lows. December soyabean oil was 0.10 cent weaker at 40.89 cents per lb; deferreds were down 0.03 to 0.14 cent.
Soyaoil, which tracks the energy markets given the increased amount of vegoils used to produce biodiesel, was poised for a setback after notching a fresh 23-year high on Thursday as crude oil hit an all-time high. Crude made a record top of $90.07 a barrel early Friday then slipped on profit taking. Soyameal followed the weakness in soyabeans, down $1.50 to $2.90 per ton, with December down $2.90 at $275.20.
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