Chicago Board of Trade soyabean futures closed mixed on Friday on week-end profit taking after sailing to a 19-year high, lifted by strong weekly export sales data, traders said.
Adding support was a drop in the dollar, a bounce in crude oil and concerns that Rio Grande does Sul and Parana, Brazil were too wet, which was causing planting delays. More rains were headed to southern Brazil on Sunday and Monday. "Everyone has been buying beans all week.
There's also thoughts that China's demand will ease as they're covered through January," a cash-connected floor broker said. Weaker cash markets weighed on the nearby spread, adding to the softer tone late, traders said. January soyabeans ended 1 cent a bushel lower at $10.77-3/4, after notching a 19-year top for a spot contract at $10.88. March soya ended 1/2 cent down at $10.93-3/4.
The other deferred months-closed steady to up 9 cents. Additionally, USDA confirmed that China bought an additional 226,000 tonnes of 2007/08 US soyabeans in the past day. The products were also strong with soyaoil at a 33-year top and soyameal notching a three-year high. But both slipped from their highs and soyameal ended mostly lower.
December soyaoil closed 0.16 cent per lb higher at 44.82 cents, after climbing to more than 45 cents. December soyameal ended $1.20 lower at $292.30 a tone climbing to $296. Soyameal and soyaoil exports were also good, especially for soyaoil. USDA said 155,300 tonnes of US soyameal export sold for last week (153,200 tonnes for 2007/08), below estimates for 200,000 to 350,000 tonnes.
US 2007/08 soyaoil export sales were 29,800 tonnes of US soyaoil, above estimates for 5,000 to 15,000 tonnes. Spot basis bids were weakening after scattered farmer sales this week, spurred by the CBOT rally to a 19-year high. Farmers were also booking 2008 sales, dealers said.
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