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Soybean futures at the Chicago Board of Trade were lower early on Tuesday, after gains on Monday left the market well into overbought technical areas, traders said.
Big commercial deliveries on the November contract on Tuesday also were lending weight, along with seasonal harvest pressure, they said. Declining crude oil markets also weighed on the soya complex, mainly on soyaoil, which is a key ingredient for the burgeoning biofuels industry.
At 10:07 am CST (1607 GMT), soya was down 3-3/4 to 6-1/2 cents per bushel lower, with November down 5 at $6.34-3/4 per bushel. Traders said J.P. Morgan and Rand Financial each sold 200 January.
Tuesday was first notice day for deliveries on the November contract and the posting was heavy at 1,861 lots, near the high end of estimates for 1,000 to 2,000 lots. Meteorlogix weather service on Tuesday said damp weather was slowing harvest progress in the eastern Midwest and more damp weather was likely in the east next week.
The US Agriculture Department said on Monday 83 percent of the US soyabean crop had been harvested, up from 76 percent last week and slightly below the 85 percent five-year average. Cash basis bids for soyabeans in the Midwest on Tuesday were mostly steady, with gains posted at some processor gathering points as they attempted to boost crushing supplies.
Soymeal was 30 cents to 70 cents per ton lower, with December down 80 at $190.80 per tonne. Traders said soyameal also was undergoing a technical setback and the slide in soyabeans added to the declines. Soyoil was down 0.27 to 0.41 cent per lb., following soya and weakness in crude oil markets. December was down 0.28 at 26.99 cents per lb.
Hamburg-based oilseeds analyst Oil World said on Tuesday current high US soyaoil stocks should not be seen as bearish for global prices as brisk US biofuel demand means they are unlikely to be exported. Oil World also said soyaoil and palm oil prices are likely to rise because of strong demand.

Copyright Reuters, 2006

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