Chicago Board of Trade soybeans were mixed at midday Tuesday, with nearby sagging after a near 7-year top in soybeans and a 15-1/2 year high in soyoil on speculative and light commercial buying, traders said.
Talk of a second discovery of bird flu in the United States and profit-taking prompted the break in the nearby months, they said. At midday, the Delaware agriculture officials reported a mild bird flu virus had been detected on a second Delaware farm.
Soybean crush has been sharply cut back in Asia as soymeal demand falters amid the widespread slaughter of chicken flocks. An Asian crush executive told Reuters on Tuesday that 2003/04 soy imports by top global soy importer China could drop to 17 to 18 million tonnes, down from last year's 20.7 million tonnes.
CBOT soybeans were last down 6-1/4 cents to up 6-1/2 cents, with CBOT March down 6 cents at $8.41-1/2, after hitting an early top of $8.60-1/2, the highest level since June 1997. R.J. O'Brien was an early buyer of 1,000 March, while Carr Futures sold 600 March, traders said.
CBOT soyoil was last up 0.10 to 0.40 cent per lb, with March soyoil up 0.24 cent at 31.70 cents per lb, after hitting a high of 31.94 cents per lb, the highest level since July 1988. Refco Inc and ADM Investor Services were early buyers of May, while Man Financial bought March, brokers said.
CBOT soymeal futures were last down $4.20 per ton to up $3.50, with March down $3.90 at $252.00. Citigroup sold 300 March and Fimat Futures bought 200 March, traders said.
US cash soy basis markets remained steady to firm across the Midwest early Tuesday, dealers said. Overnight US soy export business was quiet.
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