Chicago Board of Trade soybeans firmed on Friday on follow-through buying after Thursday's firm close and positioning before Monday's key USDA data, traders said.
CBOT soybeans were last up 1/2 to 3 cents per bushel, with January up 1-1/2 cents at $7.95 and March up 1/2 cent at $7.98. R.J. O'Brien bought 200 March, Man Financial bought and sold 200 March, FC Stone sold 200 March and Refco Inc bought 100 March, traders said.
Technical support for March held at Thursday's low of $7.87 per bushel, while resistance at Thursday's high of $7.98 was quickly broken, traders said.
The US Department of Agriculture is scheduled to release on Monday its final 2002/2003 US soybean crop production figure, the December 1 US soy stocks tally, and its latest monthly supply and demand data.
An average of analysts' estimates pegged 2003 US soybean production at 2.451 billion bushels, compared with USDA's November forecast of 2.452 billion.
US Gulf CIF soy basis bids were steady on Friday and US Midwest cash soy basis values were steady to firm, dealers said. Overnight US soy export business was quiet.
CBOT soymeal futures were last down 10 to 50 cents per ton, with March down 20 cents at $241.10 per ton.
Sluggish US cash soymeal basis offers late this week weighed on soymeal, traders said.
CBOT soyoil was last down 0.11 cent per lb to up 0.10 cent, with March soyoil down 0.08 cent at 28.35 cents per lb.
A higher close in rival Malaysian palm oil futures limited losses, traders said.
There were no deliveries posted on Friday against the January soymeal contract, and registrations were unchanged at 340 lots.
Soyoil deliveries on Friday totalled 236 lots, with a customer of R.J. O'Brien stopping 194 lots. Registrations of soyoil with the CBOT late Monday were unchanged at 4,894 lots.
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