US soya futures lower

US soyabean futures on the Chicago Board of Trade ended lower on Wednesday amid spillover selling from the weakness in the other grains, traders said. The soya market was also poised for a profit-taking setback as prices are historically high and rallied on Tuesday.
Old-crop may soyabeans ended 2-3/4 cents lower at $13.72 a bushel. New-crop November closed 19 cents down at $12.58. Old-crop months gained on new-crop soyabeans and soyameal gained on concerns about labour unrest in Argentina that could lead to another farmer strike, traders said.
Argentine grain buyers are hoarding supplies as fears grow that farmers could resume a strike that had last three weeks and slowed soya exports, shifting business back to the US for Argentina, the top meal and oil exporter and third in soyabeans. Farmers called off their protest until May 2 to negotiate with the government over a soya export tax.
But farmers are frustrated with the progress of the talk. Products ended mixed as oil gained on meal amid oil/meal spreading with soyaoil supported by the hot crude oil market. May soyameal ended $3.40 per ton lower at $351.60; May soyaoil closed 0.26 cent per lb up at 61.23 cents.
Commodity funds sold 1,000 contracts in each soyabeans and soyameal and bought 1,000 soyaoil, traders said. Volume was moderate. In soyabeans, an estimated 181,645 futures and 25,499 options traded. Soyameal trade was seen at 49,596 futures and 366 options. Estimated soyaoil volume was 49,530 futures and 463 options.
The US Census Bureau to issue its monthly crush data on Thursday. Analysts expected a soyabean crush of 156.1 million bushels, vs 146.4 million in February. On Friday is the last trading day and expiration for May options. US Midwest weather improved for corn planting this week, easing some concerns about farmers getting their intended corn acres seeded. Rain will return to the Corn Belt late this week, but extended forecasts look drier, a DTN Meteorlogix forecaster said.
US Midwest spot basis bids for soyabeans were strong, up 10 cents per bushel in some eastern locations, as dealers tried to stir farmer sales. Malaysian palm oil futures closed higher, climbing as much as 3.5 percent. Dalian soyabeans, soyameal and soyaoil were higher overnight.