CHICAGO: Soybean futures at the Chicago Board of Trade are expected to open 8 to 10 cents a bushel lower on Tuesday, unchanged from earlier expectations, pressured by long-liquidation on leadership from a firm dollar and weak crude oil and equities, traders said.
Heavy rainfall in the eastern and southern Midwest and in the Delta continues to stall corn plantings and threatens to cause more severe flooding, which in turn may lead to a switch to soybean acreage this season away from corn. Longer-range maps indicate drier weather for the east, with rainfall to move into the west and northwest.
No deliveries on May contracts.
U.S. cash basis bids for soybeans late on Monday were steady to mixed and Gulf FOB export premiums were flat as cheaper South American supplies attracted demand.
Hamburg-based Oil World on Tuesday raised its forecast of Brazil's 2011 soybean harvest by 0.5 million tonnes, to a record 72.5 million tonnes. Brazil harvested 68.6 million tonnes in 2010.
July contract on Monday closed above support at its100-day moving average of $13.82-1/4.
The nine-day RSI was 57, SOYMEAL - Down $1.50 to $2.00 per ton.
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