US MIDDAY: soyameal extends slide, Soyabean

July 27, 2013

US Soyabean
US Soyabean

US soyabean meal futures extended a steep slide on Friday amid waning demand for the livestock feed, while corn futures stabilised after sharp losses this week. Soyameal continued its free fall after closing down the daily, $20 trading limit for the past two days.

End-users are reducing their purchases of expensive old-crop soyabeans, which are crushed to make meal, given the prospects for a record-large US harvest and cheaper prices. Technical selling ahead of the expiration of August options contracts on Friday added pressure to prices, traders said.

Chicago Board of Trade August soyameal was down 3.3 percent at $4.33 by 10:45 am CDT (1545 GMT). The contract has lost 10 percent this week and is down nearly 17 percent from a contract high of $521 that was reached on Monday. August soyabeans were down 0.4 percent at $13.50-1/4 a bushel. The contract pared losses after falling to $13.30-1/2, the lowest since June 2012, in early trading.

September corn edged up 0.05 percent to $4.96-1/4 a bushel after falling to a contract low of $4.92-1/4 on Thursday. New-crop December corn was down 0.2 percent at $4.78 after sinking to a nine-month low on Thursday. September wheat rose 0.7 percent to $6.53-1/2 a bushel after matching a contract low of $6.48 in earlier trading.Courtesy:Reuters

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World Agriculture News

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