CBOT soybeans sink on technical selling, spillover from lower gr
Chicago Board of Trade (CBOT) soybean futures dropped on Tuesday on technical selling and spillover support from lower corn and wheat.
-CBOT May soybeans ended down 11-3/4 cents at $11.74 per bushel after touching the lowest level since March 8.
-Selling accelerated as the benchmark contract broke through technical chart support at its 20- and 50-day moving averages and a recent low posted last Thursday.
-CBOT May soymeal settled $5.10 lower at $328.30 per short ton, and May soyoil gained 0.36 cent to settle at 48.60 cents per pound.
-Stiff competition for U.S. export sales from Brazil and concerns about demand from top-importer China still hang over the market.
-CBOT May soybeans ended down 11-3/4 cents at $11.74 per bushel after touching the lowest level since March 8.
-Selling accelerated as the benchmark contract broke through technical chart support at its 20- and 50-day moving averages and a recent low posted last Thursday.
-CBOT May soymeal settled $5.10 lower at $328.30 per short ton, and May soyoil gained 0.36 cent to settle at 48.60 cents per pound.
-Stiff competition for U.S. export sales from Brazil and concerns about demand from top-importer China still hang over the market.
Comment:
Hit SL