Markets

CBOT soybeans follow broad commodities sell-off

CHICAGO : Soybean futures on the Chicago Board of Trade fell more than 1 percent and touched a 14-month low, joining a b

Published December 14, 2011 Updated December 14, 2011 07:57pm

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By Abdul Ahad

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* The dollar hit an 11-month high against the euro on worries about a lack of a solution to the euro zone sovereign debt crisis.

* Front-month January soybeans dipped to $10.94-1/4 per bushel, the lowest spot soybean price since October 2010, before paring losses.

* The sell-off overshadowed concerns about dry weather in portions of South American crop regions, notably east-central Argentina.

* Rains forecast for Brazil's main soy belt should alleviate concerns about dry conditions, but fields in the No. 3 growing state Rio Grande do Sul will likely remain dry, local forecasters said.

* NOPA pegged the US soy crush for November at 141.277 million bushels, below an average of analysts' estimates for 142.4 million.

* NOPA reported November US soyoil stocks at 1.876 billion lbs, nearly unchanged from October and below the average trade estimate of 1.896 billion.

* December CBOT soymeal and soyoil contracts expired quietly.

* South Korea purchased 100,000 tonnes of non-GMO soybeans in a tender for 150,000 tonnes, traders said.

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