The Chicago Board of Trade soyabean market was choppy in technical type moves on Tuesday, recovering from a weak open then turning lower again after the May contract failed to break through its 100-day moving average, traders said. The May soyabean contract nearly rose above its 100- day moving average of $5.38-1/2. The big buyer was Fimat Futures with 2,000 May, floor traders said.
May soyabeans were 3/4 cent lower at $5.35-1/2 per bushel by 11:05 am CST (1705 GMT) - after meeting resistance at $5.38. The March contract was 1/4 cent down at $5.35-1/2, while the other months were down 1-3/4 cent to up 2-1/2 cents.
There were also mixed signals surfacing from the cash market. Midwest processors backed off their spot bids after the fund-led rally in futures on Monday. The weakness reflected higher futures prices plus an increase in country movement. But CIF soyabean values at the US Gulf were firmer amid fresh export interest.
Friday is the last trading day and expiration for March soyabean options.
The combined open interest for March $5.40 calls and puts fell by 2,623 contracts. But the number or open positions remains high at 18,210 lots.
The $5.40 level was also attracting additional hedge selling, especially from South America, traders said.
The National Oilseed Processors Association figure for the January US crush was disappointing at 141.4 million bushels. It was below the average trade estimate for 142 million.
The soyameal market was higher amid meal/oil spreading, prompted by NOPA data showing soyaoil stocks growing. Funds also continuing to cover short positions. March meal was up $1.10 at $162.30 per ton, while the back months were 90 cents to $1.60 ton higher. US cash soyameal markets were quiet, with spot offers steady to a shade weaker.
The soyaoil market was lower, pressured by a bigger-than- expected jump in US soyaoil stocks. The NOPA reported on Tuesday that US soyaoil stocks grew to 1.2 billion lbs during January from 966.4 million in December. Oil yields increased to 11.35 lbs of per bushel from 11.28 lbs. March soyaoil was down 0.23 at 19.74 cents per lb, with the deferreds down 0.14 to 0.27 cents.
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