The Chicago Board of Trade soyabean complex was slightly higher mid-morning on Friday, turning quiet after an early rally in all three pits following the moves in wheat, traders said.
When wheat turned weaker on profit-taking after notching an all-time high of $8.07-3/4 per bushel in the December contract - soyabeans, soyameal and soyaoil deflated from early highs. September soyabeans were unchanged at $8.70-1/2 per bushel and new-crop November was up 1-1/2 at $8.86-1/2 by 11:20 am CDT (1620 GMT). Key resistance in November was seen at $9 after touching $8.96 overnight.
Soyameal was up 30 cents to $1.20 per ton; September was 90 cents higher at $240.90. Soyaoil was up 0.10 to down 0.03 cent, with September 0.04 cent higher at 36.37 cents per lb. Worries about a smaller southern Midwest soya crop due to heat and dryness through August, with no relief in sight for the weekend uunderpins the soyabean market Additional support stems from strong demand global demand for veg oils, a rising European rapeseed market and firm feed prices in Europe.
However, big first-day deliveries against the September contract in soya, meal and oil added some pressure to the nearby spreads - especially in soyabeans and soyaoil. Additionally, there was some month-end positioning before the three-day US holiday weekend.
CBOT markets will be closed Sunday night and during Monday's day session for the US Labour Day holiday, reopening Monday night for e-trade. First-deliveries on the September soyabean contract totalled 1,565 lots, with customers of the Astro Division of UBS issuing 1,278. There was strong commercial stopping, with the ADM house account taking 753 lots. In soyameal there were 261 deliveries lots, with signs of strong commercial stopping as a Tenco customer took 150.
September soyaoil deliveries were heavy at 2,011 lots. The Term house account issued 540 contracts but there was a strong stopper with an RJ O'Brien customer stopping 1,343.
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