US soybean futures on the Chicago Board of Trade ended higher Friday on a technical bounce sparked by spillover buying from wheat, traders said. January soybeans ended 2 cents higher at $8.96 a bushel, below its 20-day moving average of $9.13-1/2. Deferreds ended up 2 to 2-1/2. November expired weakly at noon CST, down 9 cents at $8.78.
December soymeal closed $1.50 per ton higher at $265.50, gaining on December soyoil, which ended 0.21 cent per lb lower at 32.60 cents per lb. Soyoil was under pressure from another drop in crude oil, which closed $1.20 per barrel lower at $57. Wheat rallied on a short-covering rebound. Large specs continue to hold a large net short position in wheat, making it vulnerable to short covering.
Volume was light. Estimated soybean trade was 62,892 futures and 12,266 options. Soyoil trade was seen at 61,331 futures and 1,197 options. Soymeal volume was pegged at 26,917 futures and 1,750 options. Commodity funds bought 1,000 soybean contracts, 1,000 soymeal and sold 1,000 soyoil - traders.
The soy market was under pressure early from a disappointing weekly export sales figure and the drop in the Dow industrials, underscoring the bleak economic outlook. As the session neared the close, soy divorced itself from the troubled stock market and crude oil to end firm.
NOPA October soyoil stocks 1.984 billion lbs versus September 1.988 billion. Deliveries on November 275 lots and a Man customer the main stopper of 163 lots. Midwest spot basis bids were steady/firm, underpinned by slow farmer sales. China soy, soyoil market stay strong, corn weak - survey.
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