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Soybean weakens on sluggish demand

posted May 25, 2011, 9:11 AM by NAVYUG Info
Weakness in overseas market due to euro-zone debt concern and improved planting progress of US soybean added bearish market sentiments. However, lower existing carry over stock of domestic soybean and china's lower output estimates of soybeans are in favor of bulls. As per china National Grain & Oil information Centre, china's soybean output is expected to touch 14 million tonnes this year, down 7.9% as compared to 2010.

Traders see planting progress of US soybean near 40% completed till date as compared 51% last year and 53% as the 10-year average. China confirmed imports of soybeans in April at 3.88 million tonnes which was below expectations and down 7.6% from last year. Cumulative imports for the year reached 14.84 million tonnes, down 2.6% from last year, weekly export inspections for soybeans came in at 7.77 million bushels which was about as expected.