US MIDDAY: soyabeans gain

Soyabean futures at the Chicago Board of Trade were higher early on Thursday on supportive export news, traders said. At 10:54 am CST (1654 GMT), CBOT soya was up 2 to 5-1/4 cents per bushel, with January up 4-1/2 at $6.65-1/2 per bushel. March was up 4-1/4 at $6.80-1/4 per bushel.
Fortis Clearing Americas bought 200 March. ABN Amro and R.J. O'Brien also were light buyers of March, traders said. USDA early Thursday in its weekly export sales report said 906,100 tonnes of US soya were sold for export last week, above trade estimates for 600,000 to 800,000 tonnes. USDA also said 180,000 tonnes of US soya were sold to an unknown destination.
The National Oilseeds Processors Association (NOPA) on Thursday said the November US soya crush totalled 148.2 million bushels, below estimates for 151 million. The lower-than-expected soya crush number may be limiting gains in soya, especially in the nearby contracts. Some support may have stemmed from trade reports that Memphis-based analytical firm Informa Economics forecast 2007 US soya acreage at 70.434 million, below the 2006 acreage of 75.6 million.
"Informa was basically in line with trade thinking," said James Barnett, analyst for Man Global Financial. Traders said Informa pegged next year's corn acreage in the United States at 85.922 million, above last year's 78.6 million. Weather in South America remains conducive to development of the 2007 soyabean crop.
Soyameal was up $1.00 to $2.30 per ton, with January up $1.80 at $190.50 per ton. Soyameal was supported by gains in soya and from a good number for soyameal in USDA's weekly export sales report.
USDA on Thursday said 221,000 tonnes of US soyameal were sold for export last week, above trade estimates for 125,000 to 175,000 tonnes. NOPA on Thursday said November US soyameal exports totalled 540,290 tons, up from 490,852 tons in October. Soyaoil was 0.06 to 0.18 cent per lb higher, with January up 0.06 at 28.62 cents per lb.
USDA on Thursday said 22,100 tonnes of US soyaoil were sold for export last week, above trade estimates for 5,000 to 10,000 tonnes. NOPA said US soyaoil stocks at the end of November totalled 2.694 bln lbs, versus 2.638 billion at the end of October.