The Chicago Board of Trade soybean market was weak early Wednesday but range-bound as prices consolidate after trending lower this week, traders said. November soybeans were down 1/4 cent at $5.42-1/4 per bushel by 10:25 am CDT (1525 GMT). The back months through July 2007 were down 1/4 to 1 cent. Underpinning prices was a pickup in export business.
The US Department of Agriculture confirmed on Wednesday that China bought 116,000 tonnes of US soybeans in the past day. Also, South Korea on Wednesday reissued a tender to buy 50,000 tonnes of non-GMO US soybeans. Additionally, the market is technically oversold. The November contract is trading below all key moving averages with short-term resistance at its 20-day MA of $5.47.