Soyabean futures at the Chicago Board of Trade turned higher early Thursday in a quiet recovery from Wednesday's slide and on weather worries, traders said. At 10:07 am CDT (1507 GMT), CBOT soya was up 1/4 to 3 cents, with new-crop November up 2-1/2 at $6.84 per bushel.
Citigroup sold 400 November on the opening and in later trade Man Financial bought 100 November.
The US soya crop is in its critical pod-setting stage of development and needs rain now to ensure satisfactory production potential. Traders said soya fell hard on Wednesday and sagged at the open on Thursday because of some forecasts for rain next week in dry areas of the US Midwest.
Meteorlogix early Thursday wasn't optimistic that much if any moisture would fall soon on the dry areas of the US soya belt.
The US Midwest is expected to remain hot and dry this week, with above-normal heat and dryness lingering until at least the middle of August, a private forecaster predicted Thursday.
USDA early Thursday said US export sales of soyabeans totalled 250,600 tonnes (old-crop and new-crop combined). That's above the range of estimates for 75,000 to 175,000 tonnes.
Exports were quiet overnight and deliveries on the August contract light at 77 lots and an R.J. O'Brien customer stopped all of the soya. A Prudential customer issued 74 lots for delivery. Registrations with the CBOT sagged to 1,641 lots from the previous 1,698.
Technical support in new-crop November was at $6.79 per bushel with resistance at $7.00. November Wednesday broke below its 50-day moving average of $7.00 which made that level one of key resistance during Thursday's trading session.
Soyameal was $1.20 to $6.00 higher, with September up $1.50 at $210.80 per ton. Pit sources said soyameal followed soyabeans higher.
USDA early Thursday said US export sales of soyameal last week totalled 75,400 tonnes (old-crop and new-crop combined). That's within the range of estimates for 50,000 to 110,000 tonnes.
There were no deliveries posted against the August contract and there was no soyameal registered with the CBOT.
Soyaoil was 0.03 to 0.17 cent lower, with September down 0.13 at 24.27 cents per lb. Adequate stocks of soyaoil continues to pressure prices.
Deliveries on the August contract modest at 218 lots and there was strong commercial stopping with the Bunge house account taking 211 lots and registrations with the CBOT were unchanged at 2,480 lots.
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