US soyabean futures closed firm on Wednesday and the market rallied to its highest level since September 3 due to the slow harvest of US soyabean crop, the weak dollar and gains in crude oil and equities markets. CBOT November up 1 cent at $9.94 a bushel. Funds bought 4,000 lots. Market ended below the day's high on profit-taking and harvest of big US crop.
Traders also said there was strong resistance at the $10 per bushel level. Wet weather in the US soyabean growing areas hampering harvest of the 2009 crop and also posing a threat to cuts in crop production and quality concerns. Wet weather next week also to be a problem. USDA late on Tuesday said US soyabean harvest 23 percent complete, below trade estimates for 25 to 30 percent and well below the five-year average of 57 percent.
Exporters sell 110,000 tonnes US soya to China for 2009/10 delivery-USDA. NOPA pegs US September soya crush 107.379 million bushels, down from average of analysts' estimates for 113 million. US cash soyabean bids lower after farmers booked sales over the past few days. CBOT October soyameal expired up $9.70 at $336 a ton, December down 60 cents at $305.70. Profit-taking weighs on market. Funds were even.
NOPA pegs US September soyameal exports 328,768 tons. No deliveries on October. CBOT October soyaoil expired up 0.09 cent at 35.95 cents per lb. December up 0.12 cent at 36.18. Spillover support from gains in soya, higher crude oil and a weak dollar. Funds bought 1,000 lots. Palm eases from four-week high, eyes better exports. NOPA pegs US September soyaoil stocks 2.262 billion lbs. Deliveries on October 355 lots.
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