Chicago Board of Trade soyabean futures were firm early Thursday on a rebound from this week's technical sell-off, with firmer gold markets supportive, traders said. With the increase in speculative money from index funds flowing into commodity markets, commodities tend to move together.
Higher-than-expected weekly export sales for soyabeans were also supportive. But this year's exports continue to lag a year ago by 22 percent. March soya was up 3-1/4 cents at $5.75-1/2 per bushel and May was 3-1/4 higher at $5.87-1/4 by 10:30 am CST (1630 GMT).
Calyon bought 500 May; Fimat Futures, Refco-Man, ADM Investor Services each bought 200-300 May, traders said. The US Agriculture Department said on Thursday that weekly export sales of US soyabeans were at 504,600 tonnes (old-crop) and 245,400 tonnes (new-crop), above estimates for 250,000 to 450,000 tonnes.
The day's rebound was limited as the market continues to be pressured by ample US supplies, which were seen expanding. US farmers are expected to plant more soyabean acres this spring than a year ago as soyabeans are cheaper to produce than corn. Recent Midwest storms also helped replenish some of the dryness from last summer's drought.
CBOT soya registrations edged up to 3,840 lots late Wednesday, from 3,838.
The soya-products were higher on a technical bounce, traders said.
CBOT March soyameal was up 90 cents at $172.70 per ton and May was $1 higher at $174.40.
March soyaoil was up 0.08 cent at 23.67 cents per lb and May oil 0.11 higher at 24.03. Weekly export sales data was neutral for soyameal and supportive for soyaoil.
The USDA reported weekly export sales of US soyameal at 78,000 tonnes (old crop), within estimates for 50,000 to 125,000 tonnes.
US soyaoil export sales last week were 22,500 tonnes (old crop), above trade estimates for zero to 10,000 tonnes.
In the delivery market there no March soyameal deliveries but soyaoil postings were heavy at 362 contracts. Customers of Dowd Wescott and Banc of America were the key stoppers. CBOT soyameal registrations were unchanged at 34 lots. CBOT soyaoil registrations were steady at 6,413 lots.
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