Soyabean futures prices at the Chicago Board of Trade turned lower after a firm start on Thursday. "When we couldn't hold early gains, we turned and hit some stops along the way," said one CBOT trader. "The market looks tired and the spreads are under some pressure."
The widening of the spreads reflected generally weak US cash markets, traders said. US Census Bureau stocks data issued before the open overhung the products but soyaoil was rebounding from early weakness.
Early volume was lighter in the complex than it has been the past three days, traders said. Commercial selling was noted with Term Commodities selling 300 March soyabeans. March soyabeans were down 1-1/4 cents at $7.13-3/4 per bushel, with the deferred months down 1/2 to 3 cents by 10:30 am CST (1630 GMT).
March soyameal was $1.40 per ton weaker at $207, with the back months down 20 cents to $1.10. March soyabean oil was 0.03 cent per lb firmer at 29.26 cents, with the backs up 0.04 to down 0.01 cent.
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