US MIDDAY: soyabeans firm

Soyabean futures at the Chicago Board of Trade were firm early on Thursday, partially supported by a strong monthly crush figure reported by the government, traders said.
There was also some underpinning from pre-expiration moves in the options pit as traders looked to liquidate July $6 options before Friday expiration. Open interest at the $6 strike was huge, roughly 37,000 contracts as of Thursday's open, which could pull the market to that level.
July soyabeans were 1-3/4 cent higher at $5.88 per bushel by 10:25 am CDT (1525 GMT). The back months were up 1/4 to 2 cents. US Census said US soya crush in May totalled 146.19 million bushels, above trade estimates for 143 million to 145 million and the April crush of 135.3 million.
The market was also trying to recover from Monday's break, but crop weather remained pretty favourable for the developing crop, which continued to overhang prices. Meteorlogix weather service said crops in the western Midwest would benefit from cooler temperatures and showers and there was no significant hot weather seen for the next 10 days.
The US Agriculture Department said 269,100 tonnes of US soyabeans (old and new crop) sold for export last week, within estimates for 200,000 to 300,000 tonnes.
On a bearish note, Statistics Canada on Thursday pegged 2006 Canadian canola seedings at 13.392 million acres, up from the March forecast for 11.597 million. The soya products were firm on a technical bounce and supported by the early strength in soyabeans.
July soyameal was up 40 cents at $178.50 per ton, with the deferreds up 40 to 80 cents. July soyaoil was up 0.12 cent at 24.56 cents per lb., with deferreds up 0.09 to 0.11 cent. USDA said US soyameal export sales reached 95,400 tonnes (old and new crop) last week, compared with estimates for 50,000 to 125,000 tonnes.
US soyaoil export sales were 18,900 tonnes (old crop) last week, above estimates for nil to 6,000 tonnes. US Census said US soyameal stocks at the end of May totalled 303,534 tons, below estimates for 320,00 to 429,000 tons.
Census said US soyaoil stocks in May totalled 2.852 billion lbs., compared with estimates for 2.863 billion to 2.9 billion. Midwest basis bids were steady to firm early Thursday, with processors firming their spot bids trying to attract fresh supplies, dealers said.