Soyabean futures at the Chicago Board of Trade slipped on Wednesday, after climbing to a two-week high Tuesday, when soyameal led beans higher, traders said.
"We don't have the bids in meal today like yesterday, so beans are off a little. There really isn't anything new to drive the market," said one CBOT trader. Soyameal closed sharply higher Tuesday, supported by meal/oil spreading, a seasonal move, traders said.
Additionally, worries about planting delays, especially for corn, keeps traders edgy. "We're watching the forecasts, waiting to see when it will rain and how much will come. We have to be somewhat concerned if corn gets delayed, how many beans will be planted," he added.
Showers were expected to move through the US Corn Belt over the next couple days, but clear weather was forecast for the weekend into early next week, said a forecaster with DTN Meteorlogix.
The optimal planting time for corn in the US Midwest is mid-April to mid-May and for soyabeans it's mid-May to early June. Delayed corn seedings could mean more soyabeans acres, a bearish input, traders said.
May soyabeans were down 3-3/4 cents lower at $7.37-1/2 per bushel by 11:45 am CDT (1645 GMT). The back months were down 2-1/2 to 4 cents. There were scattered commission house sales. Man Financial, J.P. Morgan and Shatkin-Arbor each sold 200 to 400 July. Some of that could be farmer hedge sales after Tuesday's rally, traders said. May soyameal was down 90 cents at $197.20 per ton, with the deferred months 50 cents to $1 per ton lower.
May soyaoil was 0.23 cent weaker at 33.16 cents, with the deferreds 0.19 to 0.30 cent down. Weakness in the New York crude oil market was a bearish technical signal for soyaoil, a key ingredient in producing US biodiesel, traders said.
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