Soyabean futures at the Chicago Board of Trade were lower by midday Thursday, but came off their lows as soyaoil rallied, traders said.
The technical strength in the soyabean oil market has supported soyabeans this week as the fundamental outlook for soyabeans remains bearish.
Soyabeans were under early pressure from a disappointing weekly export pace and worries about feed demand after Russia announced it would stop all chicken imports. The halt was expected to be temporary, 10 days to 2 weeks, the agriculture minister said.
May soyabeans were down 2-3/4 cents at $5.73 per bushel and July was off 3 at $5.87 by noon (1700 GMT).
Soyameal fell early on feed demand concerns. Iowa Grain and O'Connor each sold 1,000 to 1,200 July soyameal.
May soyameal was down $1.10 per ton at $171.80 per ton. July was off $1.60 at $172. Soyaoil recovered and remained technically strong, trading above all key moving averages. July climbed to this week's high of 25.45 cents per lb. before backing off.
May soyaoil was up 0.10 cent at 24.87 cents per lb. and July was 0.08 cent higher at 25.28 cents. Outside markets continued to influence CBOT markets. The gold market was choppy on Thursday, under pressure by China's decision to raise its interest rates. That was bearish for all commodities, traders said.
The US Agriculture Department on Thursday reported that only 112,100 tonnes of soyabeans (old and new crop) were sold for export last week. That was below estimates for 200,000 to 300,000 tonnes. Old-crop sales of 111,400 tonnes was a marketing-year low.
Census said 150.4 million bushels of soyabeans were crushed in March. That was above an average analyst estimate for 149.1 million.
The bureau said March US soyameal stocks were at 289,923 tons, below an average trade estimate for 309,300 tons.
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