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Chicago Board of Trade soyabean and soyaoil futures fell early Wednesday, tracking the moves in Malaysian palm oil market overnight, traders said. "I think the main reason soyabeans are lower is the drop in palm oil. They raised the trading margin almost 50 percent and that really took everything down hard overnight," said Roy Huckabay, analyst for The Linn Group.
The Malaysian palm oil market closed more than 3 percent lower after the exchange regulator raised margin rates on all contracts to 7,000 ringgit on a lot of 25 tonnes each from 4,900 ringgit after recent price volatility.
July soyabeans were down 4-1/4 cents at $8.22-1/4 per bushel by 10:25 am CDT (1525 GMT). The back months were 3 to 5-1/2 cents lower. Earlier, July fell to $8.15 - dipping below its 10-day moving average of $8.20-3/4 - but the strength in Chicago grains spilled over to the bean pit, traders said.
July soyabean oil was down 0.42 cent at 34.85 cents per lb, with the deferreds down 0.38 to 0.42 cent. Soyameal was the strongest of the complex, supported by meal/oil spreading. July soyameal was down 40 cents at $228.80 per ton, with the backs down 20 cents to up 50 cents.

Copyright Reuters, 2007

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