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Soybean futures at the Chicago Board of Trade were consolidating on Friday after climbing nearly 30 cents in the past week, traders said. November soyabeans were up 1/4 cent at $6.08-1/4 per bushel. November soya, which closed at $5.79-3/4 cents on October 12, recovered nearly 30 cents in the past week. The back months were down 1/2 cent to up 1-1/2 cent.
CBOT corn and wheat were lower on Friday, a break in a recent trend when the grains gained on soyabeans. Despite outlooks for abundant supplies of soyabeans, the market firmed this week, gaining on corn and wheat as the price relationships between the commodities adjusted from last week's aberrations. The soya/grains price spreads moved to historically tight levels, raising concerns about soya plantings next spring.
Firm US cash markets for soyabeans were supportive, underpinned by a lack of country sales as farmers hold out for higher prices and steady demand from exporters to meet Chinese demand. It should be a fairly clear weekend for harvest, especially in the western belt, but rains will continue to stall farmers in Indiana, Ohio and Michigan, said Meteorlogix weather service.
The market is hovering at five-month highs and the November contract is above all key moving averages with first major support at its 200 day MA of $5.99-1/4. The nine-day relative strength index for November closed Thursday at 77, above the 70 level viewed as an overbought market.
December soyameal was up 30 cents at $179 per ton, and the back months were up 60 cents to down 30 cents. December soyaoil was 0.14 cent per lb lower at 26.40 cents. The deferreds were down 0.12 to up 0.20 cent. This week's strength in the European veg oil market was supportive in Chicago soyabean oil amid an expanding green fuels market.

Copyright Reuters, 2006

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