US soyabean futures on the Chicago Board of Trade ended slightly lower on Tuesday, recovering from a big sell-off earlier that was triggered by a strengthening dollar, traders said. "There were two opposing forces at work today - the firmer dollar and a rally in crude oil," one CBOT broker said.
September soybeans ended 1-3/4 cent lower at $13.37-1/2 per bushel, after falling to $13.02, it's 200-day moving average. New-crop November closed 2-1/2 cents weaker at $13.44-1/2. September soymeal ended $1 per ton higher at $367.20; September soyoil closed 0.60 cent per lb lower at 53.92 cents.
The soy markets hit their lows overnight as Asian vegoil markets slipped. Malaysian palm oil, for instance, fell 7.3 percent on fears of defaults by Chinese players, traders said. CBOT volume was moderate.
Estimated soybean trade was 105,752 futures and 30,432 options. Soymeal trade was pegged at 41,154 futures and 1,158 options. Soyoil volume was seen at 51,876 futures and 2,110 options. Commodity funds sold 1,000 soybean contracts, 1,000 soyoil and bought 1,000 soymeal, traders said.
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