US soyabean futures fell on profit taking and commercial hedge pressure on Wednesday, turning lower late in the session after hitting their highest in more than a month, traders said. A slow US harvest, strong export demand and planting delays in Brazil limited the declines. Prices for the front-month Chicago Board of Trade November contract peaked at $9.82-1/2 a bushel, the highest since September 18.
The benchmark CBOT November soyabean contract briefly broke through its 50-day moving average, its first time above that level since June 30, but could not hold technical support above that point. Soyameal futures eased on technical pressure after the most-actively traded December contract broke through its 100-day moving average for the first time since June 30. Soyaoil futures firmed. Traders noted unwinding of some long soyameal/short soyaoil spreads after prices hit the lowest since September 11 on Tuesday.
The US Agriculture Department said that private exporters reported the sale of 419,000 tonnes of US soyabeans to China and 133,000 tonnes of US soyabeans to unknown destinations. Analysts were expecting a USDA report on Thursday morning to show export sales of soyabeans were between 800,000 and 1 million tonnes in the latest week. US corn futures weakened on Wednesday on a mild profit-taking setback after prices hit a 7-1/2 week high early in the session, traders said. A slow harvest pace, which was limiting deliveries to processors and elevators around the US Midwest, kept the declines in check.
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