CBOT soybean futures rise amid pressure from soymeal market

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CHICAGO, Jan 31 (Reuters) -Chicago Board of Trade soybean futures ended up on Tuesday, though technical selling and a correction in the soymeal charts pressured prices on the day, traders said.

* Earlier in the session, soybean futures were boosted by rising prices in soyoil and soymeal markets, said traders. But when technical selling in the soymeal market caused prices there to turn red, that caused a ripple effect in soybean futures, they added.

* The benchmark CBOT March soybean futures contract SH3 added 2-3/4 cents to settle at $15.38 a bushel.

* CBOT March soymeal futures SMH3 fell $4.50 to $484.20 a ton, while CBOT March soyoil BOH3 added 1.01 cents to 62.33 cents per lb.

* The delayed soybean harvest in Brazil could extend the U.S. export market, which typically shifts to South America as new crop shipments become available.

* Brazil's soy exports were seen reaching 1.222 million tonnes in January versus 1.356 million tonnes forecast the previous week, according to ANEC.

Reporting by P.J. Huffstutter; Editing by Jan Harvey


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