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Soybeans Retain Bearish Momentum

March 14, 2013 at 11:11 by Vladimir Vyun

Soybeans fell today on concerns that demand for US exports will decline. Supply from Brazil is expected to increase and traders may prefer buying the oilseed from the South American country rather than from the United States.

Experts estimated that US exports of soybeans totaled somewhere from 225,000 to 475,000 metric tons last week, down from 609,702 tons a year ago. At the same time, Brazilian ports held about 11.9 million tons of the beans and related products ready for shipment.

Analysts predicted that Brazil may gather a record harvest. Signs of increasing supply added to the bearish momentum of the agricultural commodity.

May futures for delivery of soybeans fell $0.07 (0.47 percent) to $14.4025 per bushel as of 11:05 GMT on CBoT today.

If you have any questions and comments on the commodities today, use the form below to reply.

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