CHICAGO: Soybean futures on the Chicago Board of Trade fell 1 percent Wednesday on long liquidation and forecasts for favorable crop weather in South America, traders said.
* Technical selling noted as most-active March soybeans turned lower in the early minutes of trade after failing to hold support above its 200-day average at $14.40.
* Spillover weakness from declines in wheat and corn.
* Soymeal and soyoil fell in sympathy with soybeans.
* Market fell despite news that USDA confirmed sales of 115,000 tonnes of US soybeans to China and another 108,000 tonnes to unknown destinations, both for delivery in 2012/13.
* USDA reported export inspections of US soybeans in the latest week at 44.486 million bushels, above a range of trade estimates for 37 million to 42 million.
* The Commodity Weather Group said wet areas of Argentina were expected to turn drier in the next two weeks, easing concerns about excess moisture, while welcome rains were forecast later this week and next for central Brazil.
Center>Copyright Reuters, 2012
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