CBOT soybeans end lower, led by declines in soy product futures
CHICAGO, April 7 (Reuters) - Chicago Board of Trade soybean futures ended lower on Tuesday, led by declines in soymeal and soyoil futures, but strength in crude oil CLc1 underpinned the market as a standoff over the Strait of Hormuz threatened more escalation in the U.S.-Israeli war with Iran.
CBOT May soybeans SK26 settled down 8-1/2 cents, or 0.7%, at $11.58-1/4 per bushel.
CBOT May soymeal SMK26 ended down $4.80, or 1.5%, at $311.80 per short ton.
CBOT May soyoil BOK26 settled down 0.23 cent, or 0.3%, at 69.72 cents per pound, turning lower after rising to a life-of-contract high of 70.49 cents.
Some analysts saw the inability of CBOT May soyoil BOK26 to hold above 70 cents as a sign of strong chart resistance.
An aggressive U.S. soybean crushing pace has been generating ample supplies of soy products, including meal and oil.
Price moves were moderate as investors awaited Iran war developments.
Market players also await a monthly U.S. Department of Agriculture crop report on Thursday. Analysts surveyed by Reuters on average expected only slight changes to the government's projections of U.S. and global soybean end-year inventories.
