US soybean futures closed lower on Friday on profit taking after strong gains on Wednesday, but the volume was very light, leading to volatile dealings. CBOT soy was down 2 to 3-1-2 cents per bushel, with January down 2-1-4 at $9.70 per bushel. Rain early this week in Brazil favouring development of corn and soybeans and showers in Argentina's Cordoba province boost crop development prospects.
USDA said 512,000 tonnes of soy (old-new crop) sold for export last week, above estimates for 250,000 to 450,000 tonnes. Exporters sell 115,000 tonnes US soybeans to China for 2008-09 delivery USDA. US cash soy steady to weak late on Wednesday with a slight increase in farmer selling seen during the rally in CBOT soy prices. Soymeal closed 40 cents to 70 cents per ton higher, with January up 50 at $301.00 per ton.
USDA said 43,300 tonnes of soymeal (old crop) sold for export last week, below estimates for 50,000 to 100,000 tonnes. Soyoil ended 0.19 to 0.30 cent per lb higher, with January up 0.29 at 33.58 cents per lb.Gains in crude oil supported soyoil. USDA said a minus 6,700 tonnes of soyoil (old crop) sold for export last week, below estimates for 5,000 to 10,000 tonnes.
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