Soya ends mostly lower on big US crop size

Soybean futures at the Chicago Board of Trade closed mostly lower on Monday on pressure from the harvest of a big US soy crop, traders said. CBOT soy closed 3 cents per bushel lower to 1/4 higher, with November down 3 at $5.02 per bushel.
Soybean futures continue to struggle against the production this year of a likely record large US crop. USDA Friday will release its November crop production report, and the trade is bracing for a roughly 3.10 billion bushel soy production number. That would be above the previous record of 2.89 billion bushels produced in 2001. Traders are expecting USDA late Monday to show the US soy harvest at 90 to 91 percent complete, compared with 84 percent a week ago.
The market also was pressured by talk that China has cancelled or deferred shipment of US soy. Traders in Hong Kong said over the weekend that China had deferred shipment of a few US soy cargoes because falling domestic meal prices hit profit margins for crushers.
No soybeans were delivered Monday against the November contract, and no soy was registered with the CBOT as of late Friday.
Exports were quiet over the weekend, and cash basis bids in the Midwest were steady to mixed while farmer selling remained light. USDA early Monday said US soy inspected for export last week totalled 39.1 million bushels. Traders were expecting from 40.0 million to 50.0 million bushels.
Friday's CFTC commitments report showed that large speculators expanded their net-short position in CBOT soybean futures in the week ended on Tuesday, November 2. They were long 30,780 lots, down 2,124, and short 82,205, up 13,427 from the week before.
Key technical resistance in the November is at the 20-day moving average of $5.23-1/2 per bushel and support is at its contract low of $4.83. The nine-day relative strength index for November soy closed Monday at 30.
Soymeal closed $1.70 per ton higher to 70 cents lower, with December up $1.70 per ton at $148.70 per ton. Soymeal was undergoing a technical bounce, traders said.
Soyoil ended 0.05 to 0.22 cent per lb lower, with December down 0.15 at 20.12 cents per lb. Soyoil faded with the late sag in soy.
Commercial buying was noted. Produce Grain bought 500 each of January and March, pit sources said.