Chicago Board of Trade soyabeans sagged early Friday on a setback from Thursday's strong gains with mostly good US crop weather for soyabeans and lack of follow-through in the spot August cited, brokers said.
August, which expires in August 13 and has still seen nil deliveries amid the 27-year low in US stockpiles, turned lower at midmorning after an early bounce on the steady to firm US Midwest and CIF cash basis bids, they said.
At 11:13 am (1613 GMT), CBOT soyabeans were 4-1/2 to 12-1/2 cents per bushel lower. August was down 4-1/2 cents at $6.05, down from its early top at $6.19, while new-crop November was down 10 cents at $5.61-1/4.
Soyabeans had closed on Thursday up 5-1/4 to 19-1/2 cents.
Refco Inc bought up to 50 August contracts early, Produce Grain bought 100 September, and UBS Warburg bought 200 November, pit brokers said. Cargill Investor Services sold a net 100 November, they added.
Forecaster Meteorlogix said on Friday the outlook for the Midwest through Tuesday is for near to below normal temperatures. But the soya crop is well ahead of average growth stages so far this season and soil moisture remains excellent.
CBOT soyameal futures were up 20 cents in spot August but otherwise mostly down 90 cents to $3.60 per ton. August up 20 cents at $187.00 and December down $3.20 at $172.00 per ton.
ABN Amro sold 400 Sept, Cargill Investor Services bought 300 October and R.J. O'Brien bought 300 December, CBOT brokers said.
CBOT soyaoil futures were last down 0.17 cent to 0.58 cent per lb, with August down 0.17 cent at 22.50 and December down 0.58 cent at 20.87. Produce Grain sold 200 September while Tenco bought 200 December, brokers noted.
Losses in CBOT soyabeans outweighed light support from the mostly higher close in rival Malaysian palm oil futures, CBOT soyaoil brokers said.
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