Soyabean futures at the Chicago Board of Trade slid early Thursday, reacting to USDA's bigger US 2005/06 soya crop estimates released before the open, traders said.
Also bearish were disappointing weekly export sales.
November soyabeans were down 7-1/4 cents per bushel at $5.71 and January was 8 lower at $5.80-1/2 by 10:18 am CST (1618 GMT).
The US Agriculture Department on Thursday estimated this year's US soyabean crop at 3.043 billion bushels, compared with 2.967 billion forecast in October.
While the number was bearish, traders had been expecting a big number along with a bump up in stocks due to the bigger production estimate. That helped limit the early sell-off, traders said.
USDA raised its US 2005/06 soya stocks estimate to 350 million bushels, up from 260 million last month.
"I didn't think it was any big surprise at all," said Anne Frick, oilseed analyst with Prudential Securities.
The Brazilian soya crop was cut 1.5 million tonnes. The US crush was raised by 25 million bushels and soya exports were cut 40 million.
USDA Thursday said export sales of US soya last week totalled 580,100 tonnes. That was below estimates for 600,000 to 800,000 tonnes. Midwest basis bids were firm early Thursday as farmers were reluctant to sell into a lower market.
There were heavy deliveries on the November contract on Thursday of 387 lots, but they were met by commercial stopping. A Tenco customer issued 255 lots and a commercial was the key stopper with the Term Commodities taking 242 lots. An R.J. O'Brien customer stopped 143.
Registrations with the CBOT were unchanged at 1,790 lots.
The soya-product markets followed soyabeans lower. CBOT soyameal futures were $1 to $2.50 weaker, with December $1.60 weaker at $172.70. Soyaoil futures were 0.23 to 0.35 cent per lb down, with December 0.31 lower at 22.65 cents.
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