CBOT soybeans hit lowest since May 7; soymeal, soyoil also weak
- Soymeal and soyoil futures also finished in negative territory after early strength.
CHICAGO: U.S. soybean futures dropped on Tuesday, pressured by technical selling after rising during the overnight trading session.
On a continuous basis, the most active Chicago Board of Trade soybean futures contract hit its lowest level since May 7.
Soymeal and soyoil futures also finished in negative territory after early strength.
Weakness in the crude oil market added pressure to the soy complex.
Soymeal futures have fallen for four days in a row and the most-active contract hit its lowest level on a continuous basis since April 19.
The most-active soyoil contract topped 70 cents a lb for the first time since March 2008 before falling into negative territory.
The benchmark CBOT July soybean futures contract dropped below its 10-day moving average, settling below that key technical point for the first time since April 13.
CBOT July soybean futures settled down 13-1/4 cents at $15.74-1/4 a bushel. CBOT July soymeal was down $4.10 at $410.80 a ton and CBOT July soyoil was down 0.3 cent at 68.67 cents.
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