US MIDDAY: soyabeans lower on dry weather condition

Soyabean futures at the Chicago Board of Trade were lower early on Thursday with the market hit by potential rainfall early next week in the dry eastern US Midwest, traders said. At 10:07 am CDT (1507 GMT), CBOT soya was down 6 to 10-1/4 cents per bushel. July was down 10-1/4 at $6.86 per bushel. New-crop November was down 10 at $6.88-1/4.
Refco Inc sold 400 November while Rand Financial and R.J. O'Brien each sold 300 November, pit sources said.
Some selling also may have evolved after bomb blasts in London's transport system unnerved the financial and other markets, the traders said.
However, CBOT soya traders said most of the pressure on soya stemmed from the possibility of showers early next week in the dry eastern Midwest crop region, especially in top producer Illinois.
Meteorlogix weather on Thursday said dry and hotter weather would evolve in the Midwest Thursday through the weekend. There was a potential for rainfall to move into the dry areas of the eastern Midwest early next week as a result of the impact of Hurricane Dennis.
Meteorlogix said the forecast was highly uncertain. Should rains miss the region, it would be awhile before there is another chance of rain, Meteorlogix said.
Recent volatility in the soya complex caused the CBOT to raise the initial margin to trade soya from $1,823 to $2,295 effective with the close of business on July 7.
Soyameal was down $2.30 to $4.00 per ton following the trend in soyabeans, traders said. July was down $4.00 at $212.20 per ton.
The CBOT raised the initial margin to trade soyameal from $1,114 to $1,485 effective with the close of business on July 7.
There were no deliveries on the July contract on Thursday and registrations with the CBOT unchanged at 170 lots.
The export hopper included news from traders in New Delhi that Vietnam and Thailand have bought 18,000 tonnes of soyameal from India.
Soyaoil futures were 0.19 to 0.33 cent per lb lower. July was down 0.28 at 24.80 cents per lb.
Traders said soyaoil took its cue from the sliding soya with some pressure stemming from the London explosions.
The CBOT raised the initial margin to trade soyaoil from $979 to $1,080 effective with the close of business on July 7.
There were no deliveries on the July contract on Thursday and registrations with the CBOT unchanged at 1,092 lots.