Chicago Board of Trade soyabean futures ended mixed on Tuesday in a slight setback after on Monday's sharp rally capped a run of eight straight sessions in which the spot month closed higher, traders said.
CBOT soyabeans settled down 6 cents to up 2 cents, with May down 3-3/4 cents at $10.52. Commercials and commodity funds were light net buyers, they said.
"This really isn't much of a setback, and seems to augur well for the bulls," one CBOT soya broker said, noting that CBOT May soyabeans had closed higher for eight straight sessions before ending down 3-3/4 cents on Tuesday.
May soyabeans hit a high of $10.62 per bushel on Monday on worries tight US soya supplies were not being rationed amid snags in shipping South American soyabeans.
But the rally had left the market overextended; the nine-day relative strength index for May soyabeans was 86 after on Tuesday's close, still well above the overbought benchmark of 70.
CBOT soyameal ended down 60 cents to up $2.40 per ton, with May unchanged at $325.50 per ton. Commodity funds were light net sellers, while commercials were light buyers, brokers said.
Soyaoil closed down 0.17 cent per lb to up 0.50 cent, with May down 0.05 cent per lb at 34.80 cents.
Commodity funds sold at least 2,000 lots, while commercials were net buyers, brokers said. A weak close in rival Malaysian palm oil futures also weighed on CBOT soyaoil, they added.
In addition to Tuesday's technical sales, CBOT soya futures were pressured by forecasts for drier weather this week in No 2 global soya producer Brazil's center-west soya region, traders said. Brazilian farmers have harvested 34 percent of the crop so far this spring, on par with the five-year average.
However, Brazilian meteorologist Somar noted Brazil's southern soya-growing region continued to suffer from drought, a factor that limited losses in CBOT soya.
The continuation of a five-day strike at Brazil's key export port of Paranagua also limited CBOT soya losses on Tuesday, CBOT brokers said.
Striking Brazilian port workers appeared far from reaching an agreement with port officials, and were set to meet on Tuesday with Brazil's new transport minister, Alfredo Pereira do Nascimento.
Brazil's Agriculture Minister Roberto Rodrigues on Monday ruled out federal intervention.
The strike forces global buyers to return to the United States, where soyabean supplies are expected to drop to a 27-year low by the end of August.
Cash US soyabean basis bids were steady late on Tuesday, grain dealers said. Overnight US soyabean export news was quiet, but South Korea's tender for 210,000 tonnes of US soya was still working on Tuesday.
The business is for September/October/November shipments, where forward pricing is extremely volatile at the moment ahead of US plantings.
The CBOT May soyabean crush margin ended up 3.20 cents at 46.90 cents per bushel.