US MIDDAY: soybeans set back after rally

19 Feb, 2015

US soybean futures fell on Wednesday, pressured by a round of profit-taking after prices surged through the key $10 a bushel level on Tuesday, traders said. Analysts and traders were expecting the US Agriculture Department to forecast huge domestic soybean plantings, which will add even more soy to the already ample global balance sheet, at its annual outlook conference on Thursday.
Soymeal and soyoil futures also fell. Dealers said the cash market for soyoil had a weak tone while soymeal offers have steadied after firming in recent weeks. Egypt's Food Industries Holding Company bought 60,000 tonnes of soyoil from Cargill in an international tender.

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