Soyabean futures at the Chicago Board of Trade were lower at midday on Tuesday after pit trading resumed following a 40-minute halt, traders said. At 11:53 am CDT (1653 GMT), CBOT soya was down 3 to 6-1/2 cents per bushel, with May down 4 cents at $5.61.
Soyabeans continue flirting with two-month lows as the market maintains its downward slide amid huge stocks and the government's outlook for US farmers to plant a record amount of soya acres, traders said.
Recent rains across the Midwest, which recharged soil moisture ahead of the planting season, added to the bearish sentiment, along with an active South American soya harvest.
Declines were slowed because the market was technically oversold, falling about 25 cents since Friday when USDA forecast that US farmers will plant a record large soya crop.
The nine-day relative strength index for May soya closed at 32. Technical traders view an RSI of 30 or lower as indicating an oversold market. May was below all key moving averages, with first major resistance at the 20-day moving average of $5.80-1/4.
Firms continued to roll their May positions before the start of the delivery period and trade was becoming more active in the July contract. Midwest spot basis bids for soyabeans were steady early Tuesday, with farmer sales quiet after recent dive in CBOT soya prices.
The soya products followed soyabeans lower amid ample supplies of both meal and oil.
Soyameal was 20 to 80 cents per ton lower with May down 80 cents at $172.30 per ton. Soyaoil was 0.02 to 0.19 cent per lb lower, with May down 0.19 at 22.45 cents per lb.
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