Soyabean futures at the Chicago Board of Trade fell on Tuesday. May soyabeans were down 68 cents at $12.59-1/4 per bushel, back months down 54 to 68 cents. Speculative profit taking before the release on Monday of USDA's March plantings report. Some nervous liquidation in response to increased margins.
Market also trading with a newly expanded 70-cent limit. Talk Argentine farmer strike may soon end weighing on soya complex. Leaders of the country's four major farm groups were expected to meet later in the day.
Argentine president defends export taxes on farm goods. Trade expecting USDA on Monday to show 2008 US soya plantings 71.721 million acres and soya stocks 1.355 billion bu. US cash basis bids for soyabeans firm in the interior but weak at river locations. May Soyameal was down $15.60 at $333.20 per ton, deferreds down $2.00 to $14.60. May Soyaoil was down 2.50 cents at 54.98 cents per lb, back months down 2.03 to 2.50 cents.
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