Chicago Board of Trade soyabean futures ended lower on Thursday on US harvest pressure and following losses in neighbouring wheat futures, brokers said.
"The predictions for a big US crop, along with good global oilseed supplies have left it hard to buy this market," one CBOT soya broker said. "There is no scarcity of soya globally this year."
Still, Thursday's CBOT soya losses were limited by forecasts for frost this weekend and early next week across the US Midwest, they added.
Soyabeans across the northern US Midwest have developed more slowly than usual this year due to poor growing weather, leaving them susceptible to frost. Still, the US crop is expected to be ample, perhaps record-large this fall.
Soyabean futures settled down 1/2 cent to 8-1/4 cents, with November down 6-1/2 cents at $5.27 and January down 6 cents at $5.34-3/4.
Commodity funds sold 2,000 to 2,500 contracts, led by Refco Inc's sales of 600 November, Calyon Financial's sales of 400 November and R.J. O'Brien's sales of 300 November, brokers said. ADMIS bought 100 each of November 2004 and November 2005 contracts.
Across the floor, CBOT wheat ended down 8 cents to 14 cents after the US Department of Agriculture forecast on Thursday a larger-than-expected 2004 US wheat crop, brokers said.
They noted that USDA's report of quarterly (Sep. 1) US soya stocks was neutral to slightly supportive, but insignificant in light of possible record US soya production this fall.
US soya stocks as of Sep. 1 totalled 112 million bushels, down 37 percent from Sep. 1, 2003, supply levels and below average estimates for 117 million, the USDA said.
The farm agency also boosted on Thursday its 2003 soya production estimate to 2.45 billion bushels, up 36.1 million bushels from its previous estimate.
Weekly US soyabean export sales and the Census Bureau's monthly crush data were mostly neutral, brokers said.
Net weekly US soyabean export sales were 755,600 tonnes, while the Census Bureau reported August soyabean crush at 102.98 million bushels. Census August soyaoil stocks were 1.179 billion pounds, while soyameal stocks totalled 196,324 tons.
Overnight US soyabean export sales were quiet, and CIF soyabean basis bids were firm at midday Thursday.
CBOT soyameal futures settled down $1.70 to $2.60 per ton, with October down $2.30 at $156.20 and December down $2.60 at $159.70.
Commodity funds sold 500 lots, with Calyon Financial selling 500 December, brokers said. Commercial Produce Grain bought 100 October and Term Commodities bought 100 March.
Cash US soyameal basis offers were weak on Thursday, dealers said.
There were 57 deliveries posted against CBOT October soyameal on Thursday's first notice day and zero deliveries posted against October soyaoil.
Weekly US soyameal exports at 181,600 tonnes and soyaoil exports of 24,700 tonnes topped CBOT traders' estimates.
Soyaoil futures were down 0.02 cent to 0.29 cent, with October down 0.29 cent at 20.52 cents and December down 0.08 cent at 20.74 cents. Commodity funds sold 1,100 lots, brokers said. Commercial Term Commodities sold 400 December.
Losses were limited by a firm close in rival Malaysian palm oil futures, CBOT brokers said. The CBOT November/October crush margin ended down 1.75 cents at 42.36 cents.
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