Chicago Board of Trade soyabean futures fell early on Thursday on speculative selling amid a fall in soyaoil that was tied to deliveries by a commercial on the CBOT January soyaoil futures contract, traders said. At 10:08 am CST (1608 GMT), CBOT soya was down 4-1/2 to 7 cents per bushel, with January down 3-3/4 cents at $5.43 per bushel. March was down 4-1/2 at $5.40 per bushel.
Refco Inc, Cargill Investor Services and R.J. O'Brien each sold 500 March, pit sources said.
Deliveries on the January soyaoil contract Thursday totalled 300 lots. The Produce Grain house account (commercial Bunge Ltd) issued all of the soyaoil. The key stopper was an ABN Amro customer taking 295 lots. There was no soya or soyameal delivered.
Soyaoil was down 0.40 to 0.51 cent per lb, with January down 0.46 at 20.50 cents per lb. March was down 0.50 at 20.61 cents per lb.
Man Financial sold 900 March, Refco Inc sold 500 March and R.J. O'Brien sold 300 March.
US Department of Agriculture's report Thursday said US export sales of soyaoil last week totalled 17,500 tonnes. That's within the range of estimates for 15,000 to 25,000 tonnes.
The March soya contract broke below support at its 20-day moving average of $5.39-1/2 per bushel, falling to a session low of $5.36-1/2 per bushel. Key resistance is at the 100-day MA of $5.57-1/2.
Soyameal sagged in step with the declines in soya and soyaoil, traders said. Soyameal was 30 cents to 80 cents per ton lower, with January down 60 at $159.60 per ton. March was down 60 at $159.80 per ton.
Soyameal may have found a bit of underlying support because of news another suspected case of mad cow had been discovered in Canada. The news renewed talk that demand for soyameal might increase if the feed industry ever totally switches away from animal by-products as a source of protein.
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