Chicago Board of Trade soyabean futures sagged on Wednesday on reports of strong US harvest yields and as mild September weather forecasts pointed to good late US crop development, brokers said.
"Still, volume has been pretty light ahead of Friday's USDA crop report," said Vic Lespinasse, AG Edwards analyst.
The US Department of Agriculture will release at 7:30 am CDT (1230 GMT) on Friday its latest US and world crop supply and demand estimates.
The average analyst estimate for USDA's US 2004 soyabean production forecast was 2.883 billion bushels, above last month's USDA forecast for 2.877 billion, and just below the 2001 record US soya crop of 2.891 billion bushels.
Soyabean futures were last down 4-1/2 cents to up 5 cents per bushel, with September down 4-1/2 cents at $5.83-1/2 and November down 2-1/2 cents at $5.81.
Commodity funds sold about 2,000 soyabeans and local traders were noted sellers, brokers said. Refco Inc sold about 1,200 November and Rand Financial bought 800 November, they added.
Uncertainties about US soya sales to China this year also weighed on CBOT soya, brokers said. China is the top global soya customer, responsible for about 30 percent of the world's soyabean imports; and the largest buyer of US soyabeans.
Last year's US soyabean exports to China totalled more than 8 million tonnes, but this year's US sales to China are expected to total 5 to 7 million tonnes following last spring's defaults by Chinese crushers and lingering questions about financial difficulties among Chinese soya crushers.
There were nil deliveries posted Wednesday against the CBOT September soyabean, soyameal and soyaoil contracts.
CBOT soyameal futures were last down $1.60 per ton to up $2.00, with September down $1.60 at $171.80 and December up 20 cents at $168.90 per ton. Light commercial buying and unwinding of oil/meal spread supported soyameal, brokers said. Cargill Inc and ADM Investor Services bought December, they noted.
Soyaoil futures were last down 0.35 cent per lb to unchanged, with September down 0.25 cent at 24.70 cents and December down 0.24 cent at 23.73 cents. Commodity funds sold about 1,000 lots by midday, brokers said.
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