Soybean futures at the Chicago Board of Trade were weak early Tuesday on follow-through technical pressure from Monday, traders said. A dive in CBOT and Kansas City wheat futures overhung all the markets.
March soya was down 1-1/2 cent at $5.72 per bushel by 10:50 am (1650 GMT), ahead of expiration at 12:01 pm. March soyameal and soyaoil contracts also expire then.
The May soyabean contract was down 2 cents at $5.82-1/2 per bushel, holding above last week's low of $5.79, a key support level.
ABN Amro was featured selling 500 May, traders said. Monthly crush data issued by the National Oilseed Processors Association on Tuesday also weighed on the soya complex.
NOPA said its members crushed 130 million bushels of soyabeans in February, within trade estimates for 130 million to 134 million but below the January crush of 145.6 million.
US soyaoil stocks in February reached 2.316 billion lbs., versus 2.057 billion in January. The oil yield was 11.73 lbs. per bushel, up from 11.64 lbs. per bushel in January.
Soymeal was gaining on soyaoil after NOPA released its bearish oil data. March soyameal was up 80 cents at $173.50 per ton, with May meal steady at $174.30. March soyaoil was down 0.18 cent at 23.30 cents per lb. and May was 0.21 lower at 23.50.
There were 295 March soya deliveries on Tuesday. A Dowd Wescott customer issued 272 lots and there was scattered stopping.
CBOT soya registrations sagged to 3,785 lots from 3,836 late Monday. The first soyameal deliveries of the March cycle were posted on Tuesday. A Tenco customer, likely a commercial, posted all 34 deliveries. A UBS customer stopped 31 lots.
CBOT soyameal registrations late Monday stood at 34 lots.
In soyaoil, there were 337 March deliveries. A Prudential customer issued 200 lots and the key stopper was a Banc of America customer taking 313 lots. CBOT soyaoil registrations increased to 6,458 lots from 6,413. Midwest cash basis bids for soyabeans were steady to firm, with farmer sales light.
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