Soyabeans weaker

Soyabean futures on the Chicago Board of Trade closed weak on Wednesday, near the lows of the day, amid easing worries about this year's US soya crop as Midwest weather was favourable for pod filling, traders said.
"A little thinness in trade and the noon weather map showing a little more rain for South Dakota an area that could use a little bit more rain," seemed to pressure prices, said Joe Victor, an analyst with Hallandale Inc.
August is the prime time for soyabeans to meet their maximum yield potential as they set and fill pods. A turn to milder temperatures and scattered showers was improving the outlook for the US soyabean crop.
Even firm US cash markets failed to keep futures from falling as prices hover near 8-1/2-month lows. September soyabeans closed 4-1/4 cents lower at $5.52-1/4 per bushel.
New-crop November was down 4-1/4 at $5.65.
There was talk that the recent sell-off in soyabeans was stimulating fresh export business. Soyabean values at the US Gulf and Pacific Northwest strengthened this week amid talk that China may have bought 5 to 7 cargoes of US soyabeans and was looking for more.
The Brazilian real also firmed this week, making US soyabean prices more attractive, compared with South American soya, than they have been this summer, traders said.
Interior basis levels for soyabeans were steady to firm, underpinned by a lack of movement. Farmers were not selling soyabeans as cash prices have fallen to near the government loan rate.
The nine-day relative strength index for November soya fell to 24 by the close, down from 27 on Tuesday. Technical traders view an RSI of 30 or below as indicating an oversold market.
The soya products were pressured by the weakness in soyabeans, with soyaoil under added pressure from softer energy markets.
Soyaoil, a major ingredient in biodiesel, tends to track crude oil prices. Soyaoil has been under pressure since late last week, when funds began liquidating long positions.
CBOT September soyameal closed 70 cents down at $159.20 per ton, with the deferreds down 70 cents to $1.90. September soyaoil ended 0.23 cent per lb. lower at 25.15 cents, with the back months down 0.11 to 0.23. The September crush settled 0.18 cent higher at 74.64 cents per bushel.
Commodity funds sold about 2,000 soyabean contracts, 1,000 soyaoil and were about even in soyameal, traders said.
Malaysian palm oil futures closed lower.