Soyabean futures on the Chicago Board of Trade closed lower for the first time in five sessions on Wednesday, dragged down late by profit-taking in corn, traders said. Soybeans set back after front-month November rose to $11.94-1/2 a bushel, the highest spot price in 14 months.
Heavy volume in soybean futures estimated above 290,000 contracts, more than double the 30-day average. Soybeans gained relative to corn as traders unwound long corn/short soy spreads. Soyameal posted the biggest declines in the complex while soyaoil closed higher as traders unwound long soyameal/short soyaoil spreads. November soybeans settled down 2 cents at $11.76-1/2 a bushel; January down 2-1/2 at $11.87. Contract highs set in January, March, May and August 2011 soybean contracts.