Chicago Board of Trade soyabean futures were range-bound early on Friday after a choppy start, with little news to stir momentum in either direction, trades said. March soya was up 1/2 cent at $5.91-1/2 per bushel by 10:30 am (1630 GMT). May was 1/2 higher at $6.04-1/2.
Early volume was light. J.P. Morgan sold 300 May, traders said. The soyabean market was consolidating after surpassing its 100- and 50-day moving averages on Thursday. The soyabean market remains conflicted, with prices weighed by a bearish fundamental outlook but buoyed by speculative buying by commodity funds.
Concerns that the spread of the deadly bird flu virus could ease global feed demand loom over the market. As the disease spreads across Europe, Asia and the Middle East, people have turned away from eating poultry despite assurances that cooking kills the virus.
There was another round of big March soya deliveries, 1,125 contracts, on Friday. They were met by was scattered stopping. CBOT registrations remain large but unchanged at 3,859 lots.
CBOT soyameal futures were setting back after Thursday's technically inspired rally. March soyameal was down $1.70 at $174.50 per ton, May was $1 lower at $177.10. There were no soyameal deliveries on Friday. CBOT meal registrations were unchanged at 34 lots.
Soyaoil turned up and was gaining on soyameal, continuing this week's trend. Strong commercial stopping of March deliveries this week and talk of fresh global demand for vegetable oils underpinned the market. Commercial Bunge bought 500 May, traders said. March soyaoil was up 0.12 at 24.49 cents per lb, May was 0.13 firmer at 24.88.
In soyaoil, there were 310 March deliveries, which were met by strong commercial stopping, a persistent trend all week. The Term house account took all of the soyaoil.
CBOT soyaoil registrations increased to 6,343 lots late Thursday from the previous 6,233.
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