US soyabean futures on the Chicago Board of Trade fell 1 percent on Friday on prospects for large South American crops and spillover weakness from other markets including corn and crude oil, traders said. A firm dollar triggered a broad sell-off in commodities, including grains as well as energies and metals. Crop weather is nearly ideal in Argentina and Brazil, raising prospects for bumper soyabean crops.
Bull-spreading remained a feature in CBOT soyabeans and soyameal, with nearby contracts gaining against deferreds amid firm cash markets. March soyabeans ended down 10 cents at $9.74 per bushel; new-crop November down 17-1/4 at $9.42-1/4. March soyameal closed $1.30 higher at $291.70 per ton. March soyaoil fell 1.00 cent at 37.53 cents per lb. Commodity funds net sold 6,000 CBOT soyabean contracts and 3,000 soya soyaoil, traders said. Funds were small net buyers in soyameal.
March soyabean futures fell 4.7 percent for the week, with the biggest drop recorded Tuesday after USDA raised its estimate of the US 2009 soyabean crop to a record 3.361 billion bushels. CFTC's supplement to its Commitment of Traders report showed trend-following funds slashed their net long position in CBOT soyabeans to 23,975 contracts in the week ended January 12, down from 55,242 a week earlier.
China's soya imports likely to stay strong in January at about 4.5 million tonnes - official report. Argentine farmers sow late soya, corn - exchange. Malaysian crude palm oil has worst week in four months on weaker oil, soya. India's MMTC tenders to import 6,000 to 8,000 tonnes palmolein. CBOT reported January soyabean deliveries at 44 lots, zero soyaoil deliveries and six soyameal deliveries.
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