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Soybeans turn out best of a bad bunch

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Soybeans turned from superstar to the best of a bad bunch among commodities on Wednesday as commodities succumbed to profit-taking and bearish weather reports.

A weak oil market, after bumper US stocks data, also deterred buyers.

Chicago's benchmark May soybeans contract stood 1.25 cents lower at $10.34 3/4 a bushel at 06:30 GMT, well below a high of 10.46 ½.

'Bulls raring'

If that performance was poor, other commodities were worse. Earlier, palm oil, soybeans' partner in a bull run for much of the past week, succumbed to late selling on concern over the strength of Malaysian exports. Societe Generale de Surveillance reported a 1.6% drop in shipments in its latest fortnightly report.

Bursa Malaysia's benchmark June palm oil contract retreated from a day high of 2,540 ringgit a tonne earlier – its best since early September - to close down 26 ringgit at 2,496 ringgit a tonne.

"The bulls are raring to go although some traders feel too much has been priced in," a trader told Reuters.

And Chicago's trading mates went deep into negative territory. May corn was down 9 cents at $3.85 ¼ a bushel. A close at that level would be lowest for a month. Sentiment was hurt by talk of a California ban on ethanol and forecasts of benign planting weather.

The weather outlook also hurt wheat, which was down 6.75 cents at $5.15 ½ a bushel on the prospect of a drier spell on the US Plains, where floods have held back spring wheat farmers.

Even orange juice succumbed to weather forecasts, with talk of rain in Florida, just as many of the Sunshine State's citrus trees are in blossom, taking juice down 3.9% to 83.25 cents a pound.

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