Soyameal gains

Chicago Board of Trade (CBOT) soyameal futures rose on Thursday after the release of export data showing huge US exports of soyameal. The rally in meal helped soyabeans advance in early dealings. But profit-taking and technical selling late in the trading session along with seasonal harvest pressure left soya futures nearly unchanged by the close of US trading.
Corn turned weak on seasonal harvest pressure but declines were slowed by big exports of US corn. Wheat eased on technical selling and profit-taking but continued to find underpinning from harsh weather in Argentina, Australia and the Black Sea that was seen trimming wheat crop prospects potentially leading to increased export deals for the United States.
CBOT December soyameal closed $4.60 per ton higher at $426.00 per ton. Cash markets for soyameal also rose on Thursday in the US Midwest, reflecting demand from exporters as well as domestic users, cash dealers said. CBOT November soyabeans closed 1/4 cent per bushel lower at $13.09-3/4 after failing to penetrate above chart resistance early in the trading session at its 50-day moving average of $13.19 per bushel. December corn was down 2-1/2 at $4.40-1/4 and December wheat was down 5-1/4 at $6.96-1/2.
The December wheat contract again backed down from stiff technical resistance at its 200-day moving average of $7.11-1/2 per bushel. Market observers shifted attention on Thursday to the big export sales numbers for soyameal, corn and soyabeans in the USDA's weekly export sales report that was released at 7:30 am CDT (1230 GMT). The big numbers indicated continued brisk global demand for feed, analysts and traders said.
"Corn and meal sales were phenomenal and certainly a plus for global feed demand ... this is the big story for today," said Sterling Smith, a futures specialist for Citigroup. USDA early Thursday released export sales data for the week ending October 3, as part of its catch-up effort following the shutdown of the US government for most of the first three weeks of October. Next Thursday, USDA will release export data for the three weeks ending October 10, October 17 and October 24th.
Export sales of corn at over a million tonnes were well above trader expectations and soyameal sales at nearly a million also were well above estimates. The USDA also said accumulated soyameal sales for the 2012/13 marketing year that ended at the end of September totalled 9,712,300 tonnes, up 14 percent from the previous marketing year (2011/12).