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Chicago Board of Trade soyabean futures turned lower early Wednesday in thin, choppy holiday trading but there was some underpinning stemming from drier-than-desired crop weather in Argentina, traders said.
"There isn't much to go on today but they could use a little more rain in Argentina, so that may be getting some play, but it isn't a big deal yet," a trader said.
At 10:38 am CST (1638 GMT), CBOT soya was 1-1/2 cents per bushel lower to 1 cent higher, with January down 2 at $6.09-1/2 per bushel. March was down 2 at $6.21-3/4.
Soyabean futures traders continue to focus on weather patterns in South America for market direction.
Meteorlogix weather on Wednesday said rainfall in Brazil appeared to be sufficient for soya crop development. In Argentina, more rain is needed to help ease concerns about growth and development of portions of that country's soya crop. Also, traders remain cautious amid persistent talk that index funds soon may begin to buy soyabean futures as a long-term hedge against inflation.
Technical support in the January contract was at $6.04-1/4 per bushel and resistance was at $6.19-1/2.
Spot soyabean basis bids were mostly unchanged in the US Midwest on Wednesday as the market remained quiet following the Christmas holiday. Soyameal was $1.30 per ton lower to 10 cents higher, with January down $1.30 at $202.50 per ton. March was down $1.00 at $202.50 per ton.
Soyaoil was 0.17 cent per lb lower to 0.05 higher, with January down 0.17 at 20.81 cents per lb. March was down 0.15 at 21.13.

Copyright Reuters, 2005

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