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CBOT soybeans fall on profit-taking pressure

CBOT soybeans fall on profit-taking pressure

Reuters · 09/13/2022 14:27
CBOT soybeans fall on profit-taking pressure

- U.S. soybean futures fell on Tuesday as traders locked in profits following the market's 5.4% rally on Monday, traders said.

* Worries about a global economic slowdown after a report that showed U.S. inflation unexpectedly rose in August added pressure to soybeans.

* But concerns about crop shortfall in the United States kept the declines in check.

* The benchmark Chicago Board of Trade November soybean futures contract SX2 settled 9-1/2 cents lower at $14.78-3/4 a bushel.

* The most-active soybean futures contract Sv1 peaked at $15.08-3/4, its highest on a continuous basis since June 23, during the overnight trading session.

* CBOT December soymeal SMZ2 dropped $10.80 to $423.80 a ton. The contract turned lower after briefly topping the high end of its 20-day Bollinger range, a key technical point it also failed to hold support above a day earlier.

* CBOT December soyoil BOZ2 gained 0.24 cent to 66.73 cents per lb but closed well off its session peak after facing resistance at its 100-day moving average, a level it has traded above since June 22.

(Reporting by Mark Weinraub
Editing by Mark Potter)

((mark.weinraub@thomsonreuters.com; +1 313 484 5282; Reuters Messaging: mark.weinraub.thomsonreuters.com@reuters.))