Soyabeans end at four-week low on profit taking

Soyabean futures at the Chicago Board of Trade closed at a four-week low on Monday, pressured by profit-taking that began last on Thursday when beans ended weaker despite bullish USDA crop data, traders said.
"A lot of it was technically inspired (selling) that began last on Thursday when we had so-called bullish USDA reports and the markets couldn't hold gains. If you can't rally on a piece of fundamentally bullish news that's usually a red warning flag to the bulls," said Anne Frisk, a Prudential Securities analyst.
"Also, the dollar has shown signs of strengthening recently and that's been another factor permitting this setback," she added.
Chicago soyabean futures through July 2005 ended 21 to 30-1/2 cents per bushel lower. May soyabeans were down 21 cents at $9.67, there lowest close since March 12.
The market was hit hard by fund-long liquidation.
Commodity funds net sold roughly 6,500-7,000 contracts. Man Financial was the featured player, selling 2,000 July soyabeans. Man was also a big seller of Soya products 1,500 July soyameal and 2,000 July soyaoil pit sources said.
Commercials were light net buyers in soyabeans.
USA's export inspections for soyabeans released on Monday were viewed as neutral. USDA said 7.496 million bushels of soyabeans were inspected for export last week, which was within trade estimates for 5.0 to 10.0 million. But Niles was earmarked for top customer China.
Nearby CIF soyabean values at the US Gulf were steady to firm, with farmer sales quiet as they concentrated on spring fieldwork and corn planting.
CBOT soyameal futures were also pressed by profit taking that began last on Thursday, ending $6.00 to $11.50 per ton lower. May meal closed at $309.50 per ton, down $7.30. A glut of nearby US cash meal due to the recent high crush pace coupled with South American supplies moving to export channels, also weighed on prices.
CBOT soyaoil followed the lower trend in soyabeans down 0.40 to 1.13 cent per lb., with May at 31.22 cents, 0.66 lower. A lower close in Malaysian palm oil futures added to the bearish tone. In CBOT soyameal funds were long 33,649 futures, up 4,274 lots, and short 7,006 lots, up 863.