Chicago Board of Trade soyabean futures posted their biggest one-day loss in two months on Tuesday on improved weather outlooks in Argentina and fund selling, traders said. Funds sold an estimated 9,000 soybean futures contracts. Sources said it appeared short- and intermediate-term investors exited positions after prices backed off recent highs.
March soyabean hit a two-week low and closed down 30 cents per bushel at $14.74-1/2. New-crop November was down 24 cents at $13.12-3/4. Daily volume was estimated at 210,448 contracts, about 20 percent higher than the 30-day average, according to data provided by the CME Group. March soymeal closed down $7.60 at $372.60 per ton. Funds sold an estimated net 3,000 contracts. March soyoil down 1.40 cents at 55.78 cents per lb. Following soyabeans. Funds sold 4,500 contracts.
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