MARKET TALK:CBOT Soy Futures Down, Bearish Psychology

1245 EDT [Dow Jones] - CBOT soy futures are on the defensive, taking on a bearish psychology. Spillover weakness from falling crude oil, metals and Asian soybean and vegoils markets continue to feed bearish thoughts in the market, analysts say. Technical pressure has helped pinned prices in negative territory, as bearish momentum surfaced following the markets ability to penetrate near term chart support Monday, traders say. Meanwhile, uncertainties tied to 2008 acreage amid corn planting delays and concerns surrounding future export demand as Argentina works on their issues with farmers keep traders limiting their risk exposure, analysts add. July soybeans are 10 1/2 cents lower at $12.87, and Nov soybeans are 1/2 cent lower at $11.96. July soyoil is 73 points lower at 57.75 cents per pound, and July soymeal is $3.70 lower at $331.80 per short ton.



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