Soyabean futures at the Chicago Board of Trade were weak early Tuesday on follow-through technical selling from Monday, traders said. The market fell 5 to 6 cents per bushel on the open, with the July contract slipping below $6. July soya found support at $5.98, then recovered some.
July soyabeans were at $6.03 per bushel, down 1-1/2 cent, by 10:30 am CDT (1530 GMT). The back months were 1-1/4 to 3 cents lower. FC Stone and Fimat USA each sold 200 to 300 July, traders said.
Bearish fundamentals overhang the market, including the US Agriculture Department's estimate for record-large US stocks this year and continuing to build during the 2006/07 marketing year.
The market was lower despite a slower-than-expected seeding pace of this year's US soya crop. Countering that concern were expectations that US farmers will plant a record amount of acres to soyabeans this spring. The USDA late Monday said the US soyabean crop was 33 percent planted, lagging the five-year average of 35 percent and trader estimates of 35 to 40 percent.
Wet weather in the eastern Midwest was slowing planting and cool conditions across the belt were slowing crop emergence and growth.
Midwest spot basis bids for soyabeans were steady early Tuesday, with farmer sales quiet after last week's heavy sales triggered by a rally in CBOT markets, dealers said.
July meal was down 80 cents at $176.60 per ton, with the back months down 80 cents to $1. July soyaoil was up 0.12 cent at 25.61 cents per lb., with deferreds up 0.12 to down 0.18.