CHICAGO: Chicago Board of Trade soybean futures dipped to their lowest since Oct. 12 on Tuesday after a US government report showed that the pace of harvest was faster than expected, traders said.
CBOT November soybeans closed above session lows, finding support at its 30-day moving average.
The US Agriculture Department said on Monday afternoon that soybean harvest was 70 percent complete, ahead of analysts’ forecast of 64 percent. That leaves farmers only 3 percentage points behind their five-year average.
Soyoil futures also weakened, shrugging off news that the US Commerce Department issued a preliminary finding that Argentine and Indonesian biodiesel imports were being dumped
Soyoil futures had rallied to a one-month high on Monday, supported by the Environmental Protection Agency’s decision to back off of proposed changes to biofuel policy.
Soymeal futures dropped to their lowest since Oct. 5, with the benchmark December contract falling below its 30-day moving average.
Source: Brecorder.com
