Chicago Board of Trade soyabean futures fell for the second straight session on Tuesday on harvest pressure from what is expected to be a large South American crop, traders said. Concerns about a slowdown in global economic expansion as high crude oil prices firm and technical selling also weighed on soyabean futures.
Additional pressure from traders' expectations that USDA will boost its forecast for 2010/11 US soyabean stocks, the first increase in 11 months. Reuters poll sees soy stocks at 142 million bushels, up from previous forecast of 140 million. CBOT soyabean futures for March fell 12-1/4 cents to $13.75-1/2 a bushel, trading in a range of $13.68 to $13.89-1/4. May soyabean fell 13 cents to $13.82 a bushel. CBOT soyabean meal futures for March fell $2.70 to $355.40 a ton in volume of 2,015 lots, trading in a range of $354 to $358. May fell $3 to $360.40 a ton. CBOT soyabean oil futures for March fell 0.60 cent to 57.97 cents a lb in volume of 1,356 lots, trading in a range of 57.60 to 58.40. May fell 0.62 cent to 58.48 cents a lb.