Breaking News-RTRS-U.S. Nov soy unlikely to drop below $9 a bushel-Mielke

CEBU, Philippines, Sept 7 (Reuters) - New-crop U.S. soybean futures are unlikely to fall below $9 a bushel on tight global supplies, while Malaysian palm oil prices are likely to be supported by lower production resulting from dry weather, leading analyst Thomas Mielke said on Monday.
"November soy is not going to fall below $9 due to a further decline in soybean reserves from September to February," said Mielke, chief executive of German oilseeds analysts Oil World.
"Despite the record U.S. soybean crop the world supplies of soybeans and of all oilseed will continue to decline in the first half of this season (beginning September) because of the low stocks at the beginning of September."