US soyabean futures slide

US soyabean futures on the Chicago Board of Trade dipped to a one-month low on Monday as an improved weather outlook for young crops and the tail-end of planting triggered sales, traders said. Greenhouse like conditions in the US Midwest give young plants a much-need jump start after a cool, wet May and June. A firmer dollar added selling pressure.
Any time the dollar strengthens, it increases the cost of US commodities for overseas buyers and sparks managed funds to sell grains and other dollar-denominated commodities. Dollar strengthened after the World Bank cut its 2009 growth forecasts for most economies, increasing investor's appetite of safe-haven currencies like the US dollar.
July closed 27-1/2 cents lower at $11.51-1/2 a bushel. November ended down 25 cents at $9.81. July-November spread remained volatile, stretching out to roughly $1.80, premium July given the tight supply of domestic beans. Spread weakened to $1.70 by the close as traders took profits. USDA reported 13.4 million bushels of soya inspected for export last week, above estimates for 9.0 million to 13.0 million.
Nearly half were earmarked for China, the US top soya customer. US spot basis bids for soya mostly firm late Monday with farmer sales quiet early -dealers. July soyameal closed $13 per ton lower at $377, or $56 off recent high. July soyaoil ended 0.60 cent down at 35.93 cents per lb, pressured by the broad-base sell-off in commodities, including crude oil. Commodity funds sold 4,000 soyabean contracts, 1,000 soyameal and 1,000 soyaoil -traders.
USDA said late Monday 91 percent of US soya crop was seeded by Sunday, matching trade estimates but lagging the five-year pace of 95 percent by third week in June. As expected, USDA rated 67 percent of US soya crop good to excellent - up 1 percentage point from a week ago and 57 percent last year.
Large speculators trimmed net long soyabean position by 10,650 contracts in the week ended June 16-CFTC. Large specs were net long soyameal futures-options position nearly unchanged in week ended June 16 as net long trimmed by 160 contracts-CFTC. Managed funds expanded net short position in CBOT SOYAoil by 20,433 contracts in week ended June 16-CFTC. Malaysian palm oil tumbles 5.1 pct on weaker oil.