Soybean Futures US Low with Slump Corn and Wheat

US soybean futures end lower, backpedaling after setting a 5-month high, falling in sympathy with slumping Corn and Wheat futures.

Sharp declines there sparked broader selling across grain and oilseed markets, with traders taking profits on recent gains ahead of Friday's USDA supply-and-demand report.

Overbought technical indicators and the absence of fresh demand news to sustain bullish momentum encouraged traders to reduce some risk exposure.

Traders say the bullish features of exports demand and smaller South American crop sizes were adequately factored into prices. CBOT May soy ended down 8 1/2c at $13.26 3/4 a bushel.

May Soymeal fell $1.40 to $364.50/short ton and May soyoil dropped 0.30c to 52.98c/pound.

Category: Corn, Soybean, soybean future, soybean traders us, us corn, us soybean futures, us wheat futures, Wheat