US soybean futures closed lower on Friday on a stronger dollar, early weakness in crude oil and fears that a recession might crimp demand, traders said. Favorable Midwest weather forecasts add pressure; mostly dry conditions this weekend should help farmers wrap up soy harvest ahead of rain by middle of next week.
However, late buying by commodity funds at month's end lifted soy prices off the day's lows as crude oil erased early declines. Crude later rallied, after the CBOT close. CBOT November soybeans fell 8-3/4 cents to close at $9.25-1/4 per bushel, after dipping to $9.10; January ends down 10 cents at $9.33.
Substantial first-day deliveries on November futures contract, at 641 lots, also weighed; trade was expecting 200 to 600. Soy products also closed lower. December soymeal fell $10.30 to end at $273.00 per ton; December soyoil ended down 0.88 cent at 33.60 cents per lb. Commodity funds sold 2,000 soybean contracts, 1,500 soymeal contracts and 2,000 soyoil contracts.
Soybean volume was estimated at 106,019 futures and 13,696 options. Soymeal volume at 33,708 futures and 2,784 options. Soyoil volume at 45,936 futures and 1,778 options. Malaysian palm fell 3 percent on recession fears and recent slide in crude oil; export data ignored.
US cash soybean basis bids steady to firm in Midwest interior as farmer sales remain thin; river bids also firm, rebounding after steep declines this week. November soybean contract holds above its 20-day moving average of $9.11-1/2.
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