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MUMBAI: Soybean futures stumbled yesterday under pressure from pre-holiday weekend position evening and overall commodity and financial market weakness.
Positioning, outside market weakness and forecasts for good crop development weather next week in the Midwest pinned prices in negative territory, said Joe Victor, analyst with Allendale Inc.
However, a strong export base limited downside pressure, as the fear of continued strong export demand drawing down already thin U.S. inventories kept a floor beneath prices, Victor said.
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The tightening supply outlook is keeping support in the market, with record planted acreage not seen providing a comfortable cushion of new-crop stocks.
Nevertheless, futures backpedaled Thursday, as bearish economic signals from financial markets attracted speculative sales following Wednesday’s sharp gains, traders said.
July soybeans settled 15 1/2 cents lower at $12.43 a bushel, and November soybeans finished 9 1/2 cents lower at $10.06.
Courtesy: CBE Group
