Chicago Board of Trade soyabean futures closed weak on Tuesday, pressured by a downturn in corn as rumours of a US corn sale to China have not been confirmed. Soyabean also pressured by profit-taking following the big recovery bounce in the market late last week.
Wetter weather in Argentina over the next five to seven days likely causing harvest delays. Wet weather in northern Brazil continues to slow harvest. Goldman Sachs Group estimated US farmers will plant 75.6 million acres (30.6 million hectares) of soy this year, below USDA's current estimate of 78.0 million.
May contract closed above key support at its 100-day ma $13.48-1/4. Nine-day RSI was at 52, a neutral reading. May soyameal last unchanged at $366.40. Choppy trade and volume was thin. May soyaoil last down 0.06 cent per lb at 55.82. Spillover pressure from lower soybeans.