Soya settles mostly lower

Chicago Board of Trade soyabeans and soya product futures ended mostly lower on Monday on position squaring ahead of Wednesday's US Department of Agriculture's planting intentions and quarterly stocks reports, traders said.
"The big event is on Wednesday," one CBOT soya trader said. "Trade was quiet today, and probably will be tomorrow, too."
CBOT soyabeans, in a setback from last week's 15-1/2-year top, ended down 7-1/2 cents per bushel to up 3/4 cent, with May unchanged at $10.13 per bushel.
Commodity funds sold about 1,500 lots and commercials were light net buyers, traders said.
Bellwether May soyabeans closed below its 10-day moving average of $10.20, while underlying support held at the 20-day moving average of $9.81.
Worries about strong domestic and global demand, particularly from top global soya importer China, and tight US soyabean supplies sparked this year's rally.
US soyabean supplies are expected to drop to a 27-year low by August 31.
Now, cuts in South American soyabean crops, due to poor growing weather and crop diseases, have added to the worries about tight springtime soyabean supplies, brokers noted.
However, traders have been taking profits following last week's 15-1/2-year top, ahead of key USDA crop reports due to be released at 7:30 am CST (1330 GMT) on Wednesday.
Analysts pegged US March 1 quarterly soyabean stocks at 867 million bushels, well below last year's 1.201 billion bushels.
The analysts forecast 2004 soyabean plantings at 74.508 million acres, above the 2003 seedings of 73.404 million. Cash soyabean basis bids were steady on Monday, grain dealers said.
Overnight soya export business was quiet, while the USDA reported on Monday that 12.659 million bushels of US soyabeans were inspected for export for the week ended March 25, matching CBOT traders' estimates.
CBOT soyameal settled down 20 cents to $2.50 per ton, with May down $2.40 at $314.50 per ton. Commodity funds were about even, while commercials were net sellers, brokers said.
Cash soyameal basis offers were steady to weak on Monday, dealers said.
Soyaoil ended up 0.38 cent to down 0.40 cent per lb, with May up 0.02 cent at 33.39 cents. Commodity funds sold about 2,500 lots and commercials were net buyers, traders said.
Produce Grain bought 600 may, while ADM Investor Services, Cargill Inc. and FC Stone were light net buyers of May soyaoil.
Soyaoil was also pressured on Monday by a lower close overnight in Malaysian palm oil futures, brokers said.
The CBOT May soyabean crush margin closed down 5.06 cents at 46.19 cents per bushel.