Chicago Board of Trade soyabeans ended higher on Friday after all deferred months set new contract highs on heavy speculative buying and fears that tight US soya supplies still needed to be rationed, traders said.
But nearby January failed to top the key 6-1/2 year top of $8.03-1/2 set on continuous charts in November, and the January/March soyabean and soyameal spreads weakened, boding poorly for cash soya markets, one cash-connected broker noted.
The higher CBOT soya close also paled in comparison with the near limit-up close in neighbouring wheat futures, he said.
CBOT soyabeans settled up 2 to 8 cents per bushel, with March up 4-1/4 cents at $7.98-1/4. Commodity funds bought at least 4,000 contracts and commercials were light net sellers, traders said.
March soyabeans set a new contract high of $8.07-1/2, while deferred May also topped the key $8.00 psychological level, they noted.
A firm overnight close in top US soya customer China's Dalian soyabean futures and strong weekly US soya export sales data sparked fears that tightening US soya stocks needed to be rationed, brokers said.
The US Department of Agriculture forecast in December a 27-year low of 125 million bushels in US 2003/04 soyabean ending stocks, the amount left on August 31, 2004, the end of the US soya marketing year.
On Friday, the USDA reported that US soyabean export sales for the week ended December 25 totalled 545,300 tonnes, above CBOT traders' estimates. China bought 59,100 tonnes and shipped 171,700 tonnes.
CBOT soyameal futures ended down 10 cents to up $3.30 per ton, with March up $1.60 at $245.70 per ton. Commodity funds bought at least 500 lots and commercials traded lightly on both sides of the market, brokers said.
Gains were limited as US weekly soyameal export sales of 17,600 tonnes lagged traders' estimates, brokers said. Cash US soyameal basis offers were steady on Friday, dealers said.
CBOT soyaoil closed up 0.17 cent per lb to down 0.30 cent, with March soyaoil up 0.07 at 27.91 cents per lb. Commodity funds bought at least 500 lots and commercials were net sellers, traders said.
Overnight losses in rival Malaysian palm oil futures and disappointing US weekly soyaoil sales of 1,700 tonnes limited gains in CBOT soyaoil, traders noted.
Overnight US soya export business was quiet, while cash US Midwest soya basis bids were steady to fir on Friday, dealers said. There were reports of US farmer sales as CBOT March soyabeans topped $8.00, but the sales dwindled as the CBOT faded, they said.
Good crop growing weather in Brazil and Argentina, the second- and third-largest global soya producers, also limited CBOT soya gains on Friday, traders said.
CBOT traders noted additional support from the posting of only 199 deliveries on Friday against the CBOT January soyabean contract.
A Fimat Futures customer stopped 118 lots. There were no deliveries posted on Friday against the January soyameal contract, while soyaoil deliveries on Friday totalled 248 lots. Registrations of soyaoil with the CBOT late Wednesday totalled 4,815 lots, steady with Tuesday's tally.
The CBOT January crush margin closed down 1.85 cents at 47.90 cents. Estimated CBOT soyabean volume on Friday was 43,283 lots, compared with Wednesday's trade of 40,075 lots. Options trade was seen at 8,958.
Soyameal futures volume was 16,617, compared with Wednesday's trade of 18,083 lots.
Meal options trade was estimated at 1,899 lots. Soyaoil volume was estimated at 9,909 lots, compared with Wednesday's trade of 19,141. Soyaoil options trade was seen at 792 lots.
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