CBOT soyabeans futures drop

Chicago Board of Trade soyabean futures dropped 1.1 percent on Tuesday as forecasts for the record crop in Brazil grow bigger as the hharvest expands, traders said INTL FCStone on Tuesday pegged the crop from the key South American exporter at 109.07 million tonnes, up nearly 5 million tonnes from its February outlook.
Soyabeans also faced technical resistance after some overnight strength evaporated when the benchmark CBOT May contract hit its 50-day moving average. The contract dropped below its 100-day moving average early in the day session. Soyameal and soyaoil futures also dropped as the bearish supply view pressured the whole soya complex. Soyameal futures dropped to their lowest since mid-January. Soyaoil hit a one-week low.