US soyabean futures on the Chicago Board of Trade closed lower on Friday, pressured by a rebound in the dollar and forecasts for better Midwest weather next week that should speed the harvest, traders said. Rainy weather soaked US Midwest in past day but forecast for weekend/next week mostly dry.
Spot November underpinned by the absence of deliveries on first notice day, in line with trade expectations. November soyabeans ended down 7-1/2 cents at $9.78 a bushel; January down 10-1/2 at $9.76-1/2. December soyaoil fell 1.12 cents to settle at 36.40 cents per lb; backs down 1.07 to 1.14 cents. Crude oil fell nearly $3 a barrel, further pressuring soyaoil.
CBOT soyameal bucked the weak trend, with nearbys closing higher on firm cash markets and meal/oil spreading. December soyameal closed up $1.70 at $297 a ton after reaching $301.50; deferreds up 20 cents to down $1.50. Commodity funds sold 4,000 soyabean contracts, 1,000 soyaoil and were roughly even in soyameal, traders said.
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