US soyabean futures on the Chicago Board of Trade were volatile on Thursday - rising and falling - caught in a mix of profit-taking and fresh buying spurred by strong weekly export sales data, traders said.
The strength in the soyameal market also supported by USDA's confirmation of huge export sales from last week, helped to underpin the soyabean market. March soyabeans were down 1 cent at $13.17-1/2 per bushel by 10 am CST (1600 GMT). The deferreds were up 1/2 cent to down 13-1/2 cents.
The soyameal market was up $1.20 to down $3.10 per ton, with March up $1 at $352.80. The weakest of the complex was soyaoil - down 0.40 to up 0.10 cent per lb, with March down 0.32 cent at 54.84. There was a mix of speculative profit-taking and commercial hedge sales.
USDA said US soya export sales last week totalled 1,068,000 tonnes (1,037,000 tonnes for 2007/08), above estimates for 700,000 to 900,000 tonnes. US 2007/08 soyameal export sales were 365,800 tonnes - a marketing year high. Total old- and new-crop meal sales were 368,100 tonnes - above estimates for 100,000 to 150,000 tonnes.
US 2007/08 soyaoil export sales totaled 40,900 tonnes, compared with estimates for 40,000 to 70,000 tonnes. The big export sales this season led analysts and traders to expect USDA will trim its 2007/08 US soyabean ending stocks forecast in Friday's crop report.
Recent heavy rains in Brazil's Mato Grosso and Goias growing regions have been raising concerns that the moisture will delay early harvest and cause crop concerns. However, Mato Grosso will see a break from the heavy rains for the remainder of the week, with more expected next week, a DTN Meteorlogix forecaster said. Midwest basis bids for soyabeans were mixed, sharply lower at some locations, after farmer sales picked up on Wednesday as the CBOT rallied, cash dealers said.
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