Chicago Board of Trade soyabean futures fell sharply on Tuesday with the five nearby months down the 70 cent daily trading limit, pressured by a broad-based commodities and equities sell-off as the devastating earthquake in Japan triggered a possible nuclear disaster. Funds sold an estimated net 10,000 soyabean, 4,000 soymeal and 6,000 soyoil contracts.
Stiff resistance for May soyabeans was seen at 100-day ma $13.43-1/2, but the contract is well above key support at the 200-day ma $11.84-1/2. Nine-day RSI 35 after Tuesday's Globex trade. The Chicago Board of Trade reported deliveries of 210 March contracts.
CBOT soyabean futures for May fell 70 cents to $12.70 a bushel in volume of 152,603 lots, trading in a range of $12.70 to $13.46. July fell 70 cents to $12.78 a bushel. Total volume of 293,053 was 35 percent above the 30-day average. CBOT soyabean meal futures for May fell $14.70 to $340.80 a ton in volume of 51,826 lots, trading in a range of $339.70 to $356.30. July fell $14.20 to $344.90 a ton. Total volume of 101,430 was 40 percent above the 30-day average.
CBOT soyabean oil futures for May fell 2.50 cents to 52.88 cents a lb in volume of 82,304 lots, trading in a range of 52.88 to 55.71. July fell 2.50 cents to 53.45 cents a lb. Total volume of 146,147 was 26 percent above the 30-day average.
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