Chicago Board of Trade soyabean futures were mixed at midday Thursday as forecasts for a record US soya crop pared early gains on a surprisingly strong weekly US soya export sales, brokers said.
The US Department of Agriculture will release next Tuesday its 2004 US soyabean production estimate, and CBOT traders widely expect an upward revision following field reports of better-than-expected harvest yields, they added.
Analysts this week forecast 2004 US soya production above 3 billion bushels, topping the US soyabean production record of 2.891 billion set in 2001. Soyabean futures were up 1-1/4 cents to down 3 cents, with November up 1/2 cent at $5.26-3/4 per bushel. Refco Inc, Cargill Investor Services and Rand Financial each bought 300 November early and then sold 500 November, brokers said.
Early support stemmed from strong weekly US soyabean export sales data, brokers said.
Soyameal futures were up $1 to $1.90 per ton, with October up $1 at $154.50 and December up $1 at $157.70 on commercial buying and supportive weekly export sales data, traders said.
Soyameal exports last week totalled 345,300 tonnes, the USDA reported. Traders had expected between 75,000 to 175,000 tonnes.
There were 60 deliveries posted early Thursday against October soyameal, with a customer of Prudential Financial Derivatives stopping 56 lots, the CBOT reported.
Soyaoil futures were down 0.34 cent per lb. to unchanged, with October down 0.34 cent at 20.66 cents and December down 0.28 cent at 20.81 cents.
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