US MIDDAY: soya tumbles

August 07, 2012: Soyabeans tumbled 2 percent early on Monday for their biggest drop in 11 days as widespread weekend showers in the US Midwest brought mild relief to the crop, but the market was still up 27 percent from the drought rally of the past two months. Traders were also positioning themselves for this Friday’s supply-demand report from the US Department of Agriculture that was widely expected to slash the government’s estimates of this year’s US corn and soyabean crops.

CBOT November soyabeans fell 2.0 percent to $15.95-3/4 a bushel by 10:47 am CDT (1547 GMT). Spot August was down 1.9 percent at $16.26-1/2, off the record high $17.77-3/4 set on July 20. December corn fell 0.8 percent to $8.01 a bushel, while spot-month September was down 1.2 percent at $8.00, down from its all-time high of $8.28-3/4 set on July 20.

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