Soyabean futures at the Chicago Board of Trade ground to the week's lows on Thursday as the market continued to look for a bottom after USDA released its bearish crop data four days ago, traders said.
A step-up in the Midwest harvest and reports of good soya yields despite this summer's drought were also bearish.
By 10:47 am CDT (1547 GMT) November soya was down 4 cents at $5.76-1/4 per bushel, sliding earlier to $5.72 - below Monday's low of $5.75.
The back months were 3-1/4 to 5-1/2 cents weaker. Commodity funds were the featured sellers, traders said. Refco and Prudential Securities each sold 200 November, traders said.
Weekly US export sales for soyabeans were within expectations and viewed market-neutral, traders said. USDA said export sales of US soya last week totalled 595,300 tonnes, compared with estimates for 450,000 to 650,000 tonnes. The largest amount, or 152,000 tonnes, was marked for unknown destinations. The world's top soyabean buyer, China, was second and booked 115,000 tonnes.
The Midwest harvest of early maturing soyabeans was gaining speed. Early yield reports from Ohio to Iowa reflected solid numbers, ranging from 39 to 60 bushels an acres, cash dealers said.
There 199 deliveries on the expired September contract on Thursday. A customer of R.J. O'Brien stopped 134 lots.
Registrations with the CBOT were unchanged at 1,020 lots.
The soyameal market followed soyabeans lower, pressured by disappointing weekly export sales. October was down $1.80 per ton at $175.20, with deferreds down 50 cents to $2.10.
USDA said US soyameal export sales last week totalled 72,400 tonnes (old-crop and new-crop combined), vs. estimates for 75,000 to 150,000 tonnes. The meal market found pressure from 134 deliveries against the expired September contract. Soyameal registrations with the CBOT were unchanged at 200 lots.
Soyaoil futures gained on soyameal, up 0.04 cent to down 0.10 cent, with October 0.03 cent higher at 22.20 cents per lb.
Weekly US soyaoil export sales were supportive along with domestic demand for soyaoil for biodiesel production, traders said.
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