US soyabean futures closed higher on Thursday on some forecasts for drier weather in Argentina. CBOT March soyabean closed 30-1/2 cents per bushel higher at $9.80 per bushel. Soyabean volume was estimated at 138,758 futures and 43,474 options. Signs China was buying soya and tight stocks of soya lent support.
Also support from news US ag attache trimmed estimate for Argentine soya production and Brazil's government agency Conab trimmed its estimate for Brazil soya crop. US ag attache pegged Argentine soya crop 42.5 million tonnes, down from USDA's forecast in January for 49.5 million. Conab, Brazil's government Crop Supply Agency, pegged Brazil's soya crop 57.2 million tonnes, down from its January estimate for 57.8 million and below USDA's January outlook for 59.0 million.
Argentine crop weather seen mostly cloudy more rain needed. Argentine crop conditions slowly improved after rains. Mostly favourable weather in Brazil but moisture requirement for crops remained high. USDA said export sales of soya last week were 339,000 tonnes (old-crop-new-crop), below estimates for 450,000 to 650,000 tonnes. Soya offers declined on slowing sales to China. US cash soya was mostly higher and farmer selling was slow.
March soyameal closed up $7.50 per ton at $308.00 per ton. Soyameal volume was estimated at 38,136 futures and 2,355 options. Soyameal was following soyabeans with focus on some drier forecasts for Argentine soya areas. USDA said export sales of soyameal last week 184,000 tonnes (old-crop), within estimates for 100,000 to 200,000 tonnes. Russia restored 5 percent import tariff on soyameal. March soyaoil closed up 0.70 cent at 33.05 cents per lb.
Soyaoil volume was estimated at 94,489 futures and 2,280 options. Soyaoil followed soya with firm crude oil also supportive. USDA said export sales of soyaoil last week 10,100 tonnes (old-crop), within estimates for 5,000 to 20,000 tonnes. Palm at one-week high as inventories slide. US soyaoil stocks 2.660 bln lbs in December - Census.
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