Chicago Board of Trade nearby soyabeans were sharply lower at midday Thursday after falling the 50-cent daily limit on heavy speculative sales in a setback from Wednesday's double-digit gains, traders said.
CBOT soyabean futures settled on Wednesday up 43 cents to down 1/4 cent per bushel on heavy speculative buying despite a report from National Oilseed Processors Association of smaller-than-expected March US soyabean crush.
CBOT soyabeans were last down 2 to 42-1/2 cents per bushel, with May down 39 cents at $9.74 and new-crop November down 37-1/2 cents at $7.28. CBOT soyameal was last down $5.00 to $14.20 per ton, with May down $12.50 at $309.50 per ton. Cargill Investor Services sold 300 May and 300 July, and Man Financial sold 300 July, brokers said.
Cash US soyameal basis offers were steady to soft at midday Thursday, dealers said. CBOT soyaoil was last down 0.30 to 1.47 cents per lb, with May down 1.03 cents at 31.80 cents. Refco Inc and Citigroup each sold 500 July, brokers said.
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