December 16, 2014 -Reuters –
US soybean futures fell on Monday on pressure from a disappointing report on US crushings and technical sales, traders said. The benchmark Chicago Board of Trade January soybean futures contract firmed early in the session but turned lower after failing break through last week’s high of $10.60-1/4 a bushel.
Soymeal and soyoil futures also fell. Weakness in the cash market weighed on soymeal, while a sharp drop in crude oil prices dragged soyoil lower. Soyoil retreated from early gains after the January contract failed to hold support above its 30-day moving average, a level it has not closed above since November 26. The National Oilseed Processors Association on Monday reported that its members crushed 161.211 million bushels of soybeans during November, the fourth-highest monthly total ever but near the low end of market forecasts ranging from 161 million to 176 million.
Soybeans, Soya, US Soya, US Soybean, Soymeal, Soyoil