CHICAGO: Chicago Board of Trade (CBOT) soybean futures slid to a near two-week low on Tuesday on technical selling and on concerns about demand from top importer China, traders said.
* CBOT March soybeans fell 10-1/4 cents to $8.93-1/4 per bushel. The contract struggled to rise above its 20- and 50-day moving averages and closed just above its 100-day moving average.
* CBOT March soymeal ended down $2.50 at $309.30 per short ton while March soyoil fell 0.16 cent to 28.24 cents per pound.
* Concerns about trade talks between the United States and China weighed on grains. Senator Chuck Grassley said Tuesday that the US Trade Representative did not see any progress made on structural issues during trade talks with China last week.
* Worries about African swine fever in China added pressure. China has culled 916,000 pigs after around 100 outbreaks of the disease, the agriculture ministry said.
* Still, traders continue to watch for any renewed soybean demand from China following promises by Beijing to purchase "a significant amount" of US agricultural goods and other products.
* The National Oilseed Processors Association (NOPA) said last month's soybean crushings topped the average trade estimate at 171.759 million bushels, the third highest monthly crush on record and the most ever for the final month of the year.
* NOPA pegged soyoil stocks at the end of December below trade estimates at 1.498 billion pounds, the first monthly increase in eight months.
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