Weather concerns boosted the soy complex in Wednesday trading, and the same factors supporting the corn market powered Wednesday’s soy rebound as well. The soy complex proved weak overnight. Wire service reports cited technical resistance and profit-taking for the slide.
Whatever the reason, the fact that futures declined despite disappointing crop tour results for Iowa and Illinois may bode rather ill for short-term prospects. September soybeans fell 8.25 cents to $13.2475/bushel in early Thursday trading, and November beans dove 18.5 to $12.895. September soyoil edged 0.10 cents higher to 42.92 cents/pound, whereas September soymeal dipped $5.0 to $416.5/ton.
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