CBOT soyabean futures drop

Chicago Board of Trade soyabean futures weakened for the third time in four sessions on Tuesday on forecasts for favourable growing weather in Brazil, traders said. The benchmark CBOT January soyabean futures contract firmed early but failed to hold support above the low end of its 20-day Bollinger range. The most-active contract hit its lowest since October 12.
Soyameal and soyaoil futures also closed in negative territory. Support for CBOT December soyaoil was noted at its 40-day moving average. The National Oilseed Processors Association's October crush report is expected to show that processors crushed 164.475 million bushels of soyabeans during the month. The report will be released on Wednesday.