Soybean futures for March delivery were down 41 cents per bushel at the close on the Chicago Mercantile Exchange,..
As per reports and information from our sources,Soybean futures for March delivery were down 41 cents per bushel at the close on the Chicago Mercantile Exchange, battered by news of half-point interest rate hike in China and rumors that China, the biggest customer of US soybeans, had turned to Brazil for some purchases.The market already had a negative mindset on news from the US Department of Agriculture that soybean exports were off the 58 percent the week of Feb. 4-10 from the previous week.News that China raised interest rates to fight inflation plus talk of a large Brazil harvest ahead helped to pressure the market early.
CBOT Nov. soybeans will drop more to $17.07 per bushel, as a correction from the Sept 4 high of $17.89 has not finished.