Food Industry
Industry: Email Alert RSS FeedSoybean Watch: Hedge Pressure To Undermine Values.
Resource News International, November, 2004
WINNIPEG, MB, Nov 18, 2004 (Resource News International via COMTEX)
Soybean futures at the Chicago Board of Trade (CBOT) are expected to open on the defensive Thursday in view of increased producer offerings as well as on growing concern about the lack of fresh demand from China. Opening calls had CBOT soybeans opening 2 to 5 US cents a bushel lower.
Losses overnight in e-CBOT activity and Malaysian palm oil futures were seen adding to the early downward price action.
Weekly export sales data from the USDA was seen as mostly neutral for the market. The USDA pegged US soybean export sales in the latest week at 960,500 tonnes, which fell within pre- report expectations that ranged from 750,000 to 1.0 million tonnes.
Bearish fundamental...
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