Soyabean up on technical recovery

Chicago Board of Trade soyabean ended higher on Friday on a technical recovery from Thursday's limit down close and 8-1/2 month low in August, brokers said.
CBOT soyabean futures settled up 8-1/2 cents to 20-3/4 cents per bushel, with August up 12 cents at $6.69-1/2, after setting on Thursday an 8-1/2 month low of $6.57-1/2, and November up 17-3/4 cents at $6.11-1/2.
Funds bought about 2,500 contracts and commercials were net sellers, brokers said. Rand Financial bought 1,100 November, Goldenberg Hehmeyer bought 700 November and Cargill Inc sold 600 November, brokers said.
CBOT soyabean futures had ended on Thursday's session down 5 to 50 cents per bushel as commercial and speculative sales pressured the nearby August contract and good crop weather in the Midwest weighed on new-crop deferred contracts, brokers noted.
Cash US Midwest soyabean basis bids were mixed on Friday and overnight US soyabean export business was quiet. Good US Midwest crop weather limited on Friday's CBOT Soya gains, although Iowa State University plant pathologists noted recent wet, cool weather had prompted some diseases to surface than normal, CBOT traders noted.
Cash US soyameal basis offers were weak on Friday brokers said. In Canadian oilseed crush news, the soyabean crush for the week ended July 21 rose 59 percent from the previous week to 29,200 tonnes, while the canola crush rose 8.7 percent.
CBOT soyaoil futures settled up 0.34 cent to down 0.11 cent, with August up 0.32 cent at 24.72 cents and December up 0.34 cent at 22.48. Commodity funds bought about 1,300 lots and commercials were about even traders on both sides, brokers said.
Carroll Inc bought 400 August, sold 600 September and sold 300 October, while Cargill Investor Services bought 300 December, brokers said. Worries that this summer's monsoon season will not bring enough moisture to India's oilseed crops remained supportive for CBOT soyaoil, brokers said. India is the world's largest vegetable oil importer and its annual monsoon that runs from June to September is vital for its crops.
The CBOT August soyabean futures crush margin ended on Friday down 10.68 cents at 82.02 cents per bushel and the September margin ended down 6.56 cents at 86.05 cents.