US soyabean futures on the Chicago Board of Trade were lower by midmorning Tuesday on a mild profit-taking setback after Monday's record highs as investors flocked to commodities as a hedge against inflation, traders said.
Soyabeans bounced from their early lows, tracking the strong rally in CBOT March wheat - up the 90-cent trading limit at one point - as nervous shorts tried to exit positions.
March soyabeans were down 2-1/4 cents at $14.49-3/4 per bushel by 10:55 am CST (1655 GMT). Soyameal was also weak, tracking the moves in soyabeans after Monday's rally. March meal was down 60 cents at $366.30 per ton.
Soyaoil was the strongest of the complex, bouncing from early profit-taking after Monday's rise to record highs as the New York crude oil market rallied more than $1 a barrel to $100.40.
March soyaoil was down 0.05 cent per lb at 63.55 cents per lb, with the deferreds up 0.25 to down 0.60 cent. CBOT soyaoil made a series of contract highs overnight then turned lower. China's Dalian soyaoil futures market saw similar moves as the front two months closed lower after making new highs.
South American crop weather was a mixed bag. The forecast turned wetter for southern Brazil where the crop is in its late-filling stage and needed rain, while northern Brazil will stay wet and add to harvest delays, a DTN Meteorlogix forecaster said.
Comments
Comments are closed.