Soyabean futures at the Chicago Board of Trade slid early Tuesday on a profit-taking setback after the rally that began Friday in response to USDA's bullish acreage figure, traders said.
July soyabeans were down 13 cents at $8.52 per bushel and November was down 13-3/4 at $8.84 by 10:45 am CDT (1545 GMT). The other months were 10-1/2 to 14 cents lower. Selling was scattered among commission houses, with commercial selling noted. Bunge, J.P. Morgan, Tenco and Man Financial each sold 100-300 Nov, traders said.
The market was due for a correction after rising about 60 cents since last Thursday, trading above all key moving averages and hovering around a three-year high. The products were pressured by the weakness in soyabeans. July soyameal was down $4.10 per ton at $231.70, with the back months $4 to $4.70 lower. Soyaoil was 0.11 to 0.45 cent per lb weaker, with July down 0.23 cent at 36.50 cents.
CBOT markets will close at their regular times and remain closed for the Independence Day holiday until the electronic session on Wednesday night. The past two sessions have been volatile after the government estimated US soya plantings at 64.1 million acres, far below trade expectations and the lowest seedings since 1995.
Current growing conditions are favourable for crop development. There were some dry pockets in Ohio, Indiana, Minnesota, western Iowa and eastern Nebraska. But August - not July - is the critical yield-determining time for soyabeans. The weekly crop progress report issued Monday reflected that conditions were improving. USDA said 68 percent of US soyabeans were in good to excellent condition - a 2 point improvement from the previous week.