CHICAGO: Chicago soybean futures slumped on Monday, as traders jockeyed for position on what is shaping up to be a large US harvest and ahead of what is expected to be a bearish US production forecast this week.
The benchmark Chicago Board of Trade November soybean futures contract hit technical resistance at its 10-day moving average overnight. But while investors waited for the US Agriculture Department's global supply and demand report on Tuesday, continued strength in the US crude oil market kept a lid on wild market swings, analysts said.
Corn futures edged higher early in the trading session, while wheat was mixed.
"The market is preparing for a negative USDA report tomorrow," said analyst Dax Wedemeyer of US Commodities in West Des Moines, Iowa. "Everyone is expecting the big bean yields we're hearing about to carry over into this report."
The most active soybean contract on the Chicago Board of Trade (CBOT) was down 0.78% to $12.33-1/4 a bushel at 11:05 a.m. CDT (1605 GMT). Corn gained 0.52% to $5.33-1/4 a bushel and wheat dipped 0.03% to $7.33-3/4 a bushel.
Comments
Comments are closed for this article.