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Soyabean futures at the Chicago Board of Trade were recovering from Tuesday's sell-off, traders said. November soyabeans were up 11-1/4 cents at $9.55 a bushel - hitting resistance at their 20-day moving average of $9.56-1/2 by 12:10 pm CDT (1710 GMT). The back months through July 2008 were up 10-1/2 to 11 cents.
The soya market was overbought going into this week and due for a correction, traders said. Much of the strength was tied to the weakness in the dollar, which had fallen to a record low against the euro.
But the dollar rebounded from record lows on Tuesday as investors trimmed bets for further declines in the US currency before key economic data later this week, triggering the sell-off in soyabeans as well as in grains. The dollar slipped again on Wednesday as the rebound fizzled ahead of US employment data due later this week.
December soyameal was up $4.10 per ton at $272.80. December soyaoil as 0.15 cent firmer at 38.75 cents. There was another round of heavy deliveries put out by commercials which was seen weighing on the front-month spreads, traders said.

Copyright Reuters, 2007

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