Early shout: Beans plunge further in "panic selling"
Soybeans continued the overnight session where they left off last night's limit down move with spot May hitting over 90c lower before rebounding slightly to stand 81 1/4c lower at 08.10am UK time, for a loss of $1.51 1/4 since the USDA figures were released yesterday afternoon.
"We're seeing panic selling," Katie Dean, senior economist at Australia & New Zealand Banking Group Ltd., said by phone from Melbourne today. "There were lots of speculators coming into these markets over the last couple of months looking for quick and easy returns."
The price of the oilseed has dropped 16 percent in four days and yesterday capped its first quarterly loss in six quarters.
May meal is a further $23.40 down overnight, wiping $43.40 off it's value in less than 24 hours. Soyoil is also substantially lower at 217 points down for a net loss of 567 points in the same timeframe.
May wheat is 9c lower this morning, adding to last night's 60c plunge. Whilst lonely little corn is struggling to stand firm, he barely managed it last night closing around 5-6c huigher, this morning currently posting losses of around 3c.
"We're seeing panic selling," Katie Dean, senior economist at Australia & New Zealand Banking Group Ltd., said by phone from Melbourne today. "There were lots of speculators coming into these markets over the last couple of months looking for quick and easy returns."
The price of the oilseed has dropped 16 percent in four days and yesterday capped its first quarterly loss in six quarters.
May meal is a further $23.40 down overnight, wiping $43.40 off it's value in less than 24 hours. Soyoil is also substantially lower at 217 points down for a net loss of 567 points in the same timeframe.
May wheat is 9c lower this morning, adding to last night's 60c plunge. Whilst lonely little corn is struggling to stand firm, he barely managed it last night closing around 5-6c huigher, this morning currently posting losses of around 3c.