Saturday, January 29, 2011
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Soybean tumbles on profit booking
MUMBAI (Commodity Online): U.S. soybean futures are lower, backpedaling from earlier highs on profit taking pressure. Traders are booking profits after prices soared earlier in the session.
Strength in the U.S. dollar, civil turmoil in the Middle East and the inability of the market to test 2-week highs generated enough uncertainty to entice traders into reducing risk exposure ahead of the weekend, analysts say.
CBOT March soy is down 1 3/4c at $13.97 3/4 a bushel, well off the session high of $14.22.
Courtesy: CME Group
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