US soyabean futures on the Chicago Board of Trade turned lower early on Tuesday, following the sell-off in wheat, traders said. Also weighing on the soya market was call option selling. March soyabeans were down 10-1/2 cents at $13.15-1/2 per bushel by 12:20 pm CST (1820 GMT). The deferreds were 19-1/2 cents weaker to 2 cents up.
Traders noted that MF Global sold 1,500 July soyabean $16 calls. Chicago wheat markets dived as the combination of expanded trading limits and higher futures margins broke the deadlock in the limit-up moves that occurred last week and caused markets to lock, preventing trading to take place.
CBOT soyameal was lower, losing ground to soyaoil, under a little more pressure from the weakness in the feedgrains. March meal was down $5.50 per ton at $350 per ton; back months were down $4.60 to $8. Soyaoil 0.03 to 0.22 cent per lb lower, with March down at 0.30 at 55.27 cents.