US MIDDAY: soya slides

January 12, 2013

US soyabean
US soyabean

US soyabean futures tumbled on expectations the US Department of Agriculture will raise its estimates for domestic and global inventories in hotly anticipated crop reports on Friday, traders said. Grain futures also slipped. Global soyabean supplies are seen up 0.4 percent from last month at 60.17 million tonnes. Chicago Board of Trade March soyabeans slid 1.2 percent to $13.62-3/4 a bushel by 9:40 am CST. The market was down about 0.3 percent for the week.

March corn was down 0.9 percent at $6.92-3/4, but up almost 2 percent for the week. March wheat dipped 0.8 percent to $7.38-3/4 and was down almost 1 percent for the week. Soyabeans have dropped for four days in a row amid expectations that Brazil, which competes with the United States for export business, will produce a record crop this year.

Competition for business is likely to intensify for soyabean suppliers in February when the Brazilian crop hits the market. The USDA on Friday said private exporters had struck deals to sell 120,000 tonnes of US soyabeans to top importer China. Weather is less favourable in the United States for wheat.

Courtesy: Reuters

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