Chicago Board of Trade soyabean futures sagged on Thursday on forecasts for good rains during the next three to five days across the prime US soyabean-growing region, traders said.
Light profit-taking after Wednesday's one-month top in new-crop November soyabeans of $7.89 per bushel and strength in the US dollar also weighed on CBOT soyabeans, traders said. A stronger US dollar makes US grains more expensive for global buyers.
CBOT soyabeans were last down 1 cent to 8 cents, with July down 4-1/2 cents at $10.15-1/2 and November down 8 cents at $7.78-1/2 per bushel. ADM Investor Services, Refco Inc and FC Stone each sold 200 July, R.J. O'Brien sold 300 July and Cargill Investor Services bought 300 July, brokers said.
CBOT soyameal was last down $1.20 to $4.50 per ton, with July down $1.70 at $322.70 per ton. Cash US soyameal basis offers were firm on Thursday, dealers said.
The USDA reported US soyameal sales last week at 22,500 tonnes (old-crop), near the low end of trader estimates.
CBOT soyaoil was last down 0.03 cent to 0.35 cent, with July down 0.28 cents at 32.97 cents. A weak close in rival Malaysian palm oil futures weighed on CBOT soyaoil, brokers said.
In Thursday's delivery news, there were only five lots delivered against May soyaoil. An Iowa Grain customer, likely a commercial, stopped the soyaoil. There were nil deliveries on Thursday against May soyameal.
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