Soyabean futures at the Chicago Board of Trade closed mostly firm on Thursday in a quiet and mild recovery from Wednesday's slide and on weather jitters, traders said. "There was no clear cut consensus as to weather next week and maybe we'll have clearer direction tomorrow. Funds sold corn and they were pretty evenly divided in beans," said Vice Lesbians, floor spokesman for A.G. Edwards and Co.
CBOT soya closed 7-1/4 cents higher to 3 cents lower with September up 1/4 at $6.75-1/2 per bushel. November was up 1 at $6.82-1/2. The US soya crop is in its critical pod-setting stage of development and needs rain now to ensure satisfactory production potential.
Traders said soya fell hard on Wednesday and sagged at the open on Thursday because of some forecasts for rain next week in dry areas of the US Midwest.
Meteorlogix on Thursday wasn't optimistic that many ifs any moisture would fall soon on the dry areas of the US soya belt.
The US Midwest is expected to remain hot and dry this week, with above-normal heat and dryness lingering until at least the middle of August, a private forecaster predicted on Thursday.
"It looks like this dry pattern will continue at least through the middle of the month," Meteorlogix forecaster Mike Palmerino said. "It will continue to deteriorate soil moisture conditions in areas of the Corn Belt already fairly dry."
A larger-than-expected number for soya in USA's weekly exports sales report released on Thursday may lend some underlying support to the nearby months.
USDA on Thursday said US export sales of soyabeans totalled 250,600 tonnes (old-crop and new-crop combined). That's above the range of estimates for 75,000 to 175,000 tonnes.
Exports were quiet overnight and deliveries on the August contract light at 77 lots and a RJ O'Brien customer stopped the entire soya.
A Prudential customer issued 74 lots for delivery.
Registrations with the CBOT sagged to 1,641 lots from the previous 1,698. Cash basis bids for soyabeans in the Midwest were steady to firm and farmer selling stopped after the decline on Wednesday of CBOT soya futures.
Technical support in new-crop November was at $6.79 per bushel with resistance at $7.00. November on Wednesday broke below its 50-day moving average of $7.00, which made that level one of key resistance during on Thursday's trading session.
Soyameal closed $1.80 to $7.50 per ton higher, with September up $1.80 at $211.10 per ton. Pit sources said soyameal followed soyabeans higher.
USDA on Thursday said US export sales of soyameal last week totalled 75,400 tonnes (old-crop and new-crop combined). That's within the range of estimates for 50,000 to 110,000 tonnes.
There were no deliveries posted against the August contract and there was no soyameal registered with the CBOT. Soyaoil closed 0.08 to 0.33 cent per lb. lower, with September down 0.19 at 24.21 cents per lb. Fund selling and adequate stocks of soyaoil continues to pressure prices. USDA on Thursday said 1,100 tonnes of US soyaoil (old-crop) was sold for export last week.
That's near the low end of estimates for 1,000 to 6,000 tonnes. Deliveries on the August contract modest at 218 lots and there was strong commercial stopping with the Bungle house account taking 211 lots and registrations with the CBOT were unchanged at 2,480 lots. Malaysian palm oil futures closed lower overnight.
Traders in Kuala Lumpur said palm bounced off 5-1/2 month lows but remained weak on Thursday, weighed down by losses in main rival US soyaoil.
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