US soybean futures on the Chicago Board of Trade fell on Thursday as recession fears heightened on government data showing US economic contraction, traders said. A strong weekly export sales figure helped soybeans bounce from lows. November soybeans settled 3-1/4 cents lower at $9.34 a bushel - above the 10- and 20-day moving averages of $8.91-1/4 and $9.14.3/4. January ended 4 lower at $9.43.
December soymeal ended 30 cents higher at $283.30 per ton; December soyoil closed up 0.15 cent at 34.48 cents per lb. Commodity funds sold 1,000 soybean contracts, bought 500 soymeal and 1,000 soyoil. Volume was moderate.
Estimated soybean trade was 153,786 futures and 20,570 options. Soyoil trade was seen at 68,189 futures and 3,437 options. Soymeal volume was estimated at 38,222 futures and 4,523 options. Soybeans were pressed by the government's gross domestic product data that showed the US economy shrank at a 0.3 percent annual rate in the third quarter, its sharpest contraction in seven years.
Though analysts had expected a bigger decline, of 0.5 percent. That helped support the Dow industrials. Soy followed the weaker trend in other commodities, after Wednesday's big rally ahead of the Federal Reserve interest rate cut. First-notice day for November deliveries on Friday. Traders expected light-moderate deliveries of 200-600 contracts.
USDA said weekly export soybean sales were 1,457,300 tonnes (2008/09), a marketing-year high and above estimates for 800,000 to 1,000,000 tonnes. China, biggest buyer last week, took 788,700 tonnes - its largest weekly purchase of 2008/09 soy since mid-June. USDA said US soymeal export sales last week were 130,200 tonnes (2008/09), within estimates for 100,000 to 200,000 tonnes.
USDA said 5,200 tonnes (old-crop) of soyoil sold for export last week, within estimates for 5,000 to 10,000 tonnes. Favourable weather for harvesting US Midwest crop for the next 5-7 days -forecaster. US Census Bureau reported US September soyoil stocks at 2.471 billion lbs in September, down from preliminary estimate of 2.527 billion.
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