US Soya Complex Down On Profit Taking At Higher Levels

Soybean complex prices closed sharply lower on Thursday. May soybeans were down 27 3/4 cents to close at $13.50 1/4. July soybeans lost 31 cents to close at $13.53 1/2. May soybean meal fell $8.00 to close at $348.70. May soybean oil futures plunged 143 points to close at 56.93 cents per pound. New-crop November soybeans closed off 30 3/4 cents at $13.37 3/4.

the soybean market continued its stronger performance of the previous day with gains in the early going. The Census Bureau came in above our forecast, which was higher than most, for the monthly crush at 140.3 million bushels. But bears took the upper hand after corn and wheat prices began their selloff. The excuse for selling in those crops included improved weather outlooks, such as more rain for the Kansas wheat crop and less rain for areas of the Midwest wanting to plant corn.

(Source: http://www.indiainfoline.com/Markets/News/US-Soya-Complex-Down-On-Profit-Taking-At-Higher-Levels/3670464028)