Soybean Watch: Technical Selling To Weigh On CBOT Beans.

Resource News International, April, 2004

Winnipeg, MB, Apr 12, 2004 (Resource News International via COMTEX)

Chicago Board of Trade soybean futures are seen opening 4 to 8 US cents per bushel lower in follow-through selling after Thursday's technical weakness. Soymeal is called US$3.00 to US$4.00 per short ton lower. Soyoil is called 0.30 to 0.40 US cents per pound lower.

South Korea's Agricultural and Fishery Marketing Corp. purchased 100,000 metric tons of US No. 1 soybeans from Toepfer in a tender late last week, said a Seoul based trader. The four cargoes of 25,000 tons each are scheduled for arrival at the port of Incheon from mid-December 2004 to July 2005.

China imported 5.4 million metric tons of soybeans in the first quarter of 2004, up 39% from the same period a year ago,...

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