Soyabean futures at the Chicago Board of Trade sagged early Tuesday, pressured by the weakness in soyaoil and the energy markets, traders said.
November soyabeans were 7-1/2 cents lower at $5.83-3/4 per bushel, slipping through $5.84 support. The deferred markets were 6-1/2 to 8 cents lower by 10:20 am CDT (1520 GMT).
Commercials and funds were early sellers of November, including Bunge, Refco and DT Trading, traders said. December soyaoil was 0.24 cent per lb weaker at 24.15 cents, with the back months 0.22 to 0.32 cent lower.
CBOT soyaoil futures were tracking the moves in crude oil, which fell $1 a barrel on Tuesday as a threatened hurricane was expected to miss rigs and refineries in the US Gulf. The soyaoil market has been volatile recently, following the energy markets due to increased demand for alternative green fuels like soya biodiesel.
The soyabean market was also due for a setback after rising nearly 30 cents since last week's USDA crop report, which showed a smaller US soya harvest than traders expected. Even so, US farmers are likely to harvest their second-largest soya crop in history.
Demand for US soyabeans was strong, with ongoing reports that top global soya buyer, China, was booking fresh sales. Export sources late on Monday said China bought three cargoes late last week and another three over the weekend.
The soyameal market was pressured by the weakness in soyabeans and US cash soyameal markets. Processors remain active crushers of freshly harvested soyabeans, adding to domestic soyameal supplies.
December soyameal was $3.40 per ton lower at $171.80, with deferreds down $1 to $3.40.