US soyabean futures on the Chicago Board of Trade closed lower on Thursday on profit-taking from Wednesday's corn-led rally coupled with reminders of a huge South American soya harvest, traders said. Weaker trend in crude oil added pressure. Trade expecting USDA to raise its estimate of the US 2009-10 soyabean carryout in April supply-demand report on Friday.
May soyabeans ended down 6 cents at $9.46-1/2 per bushel; new-crop November down 3-3/4 at $9.37-1/2. May soyameal down $3 at $262.60 a ton. May soyaoil down 0.11 cent at 39.92 cents per lb. Managed funds sold 2,000 to 3,000 soyabean contracts, 1,000 soyameal and 1,000 soyaoil - traders.
Buenos Aires Grains Exchange raised its estimate of Argentina's soyabean harvest to a record 54.5 million tonnes, up from 53.5 million previously. USDA said export sales of US soyabeans last week totalled 443,800 tonnes, above estimates for 150,000 to 350,000 tonnes.
USDA put export sales of US soyaoil last week at 6,900 tonnes, within estimates for 5,000 to 20,000 tonnes. USDA showed export sales of US soyameal last week at 217,900 tonnes, above estimates for 75,000 to 150,000 tonnes. Cooler, drier weather favours late filling and harvest of soya crop in Brazil; mainly favourable weather seen in Argentina but rain next week may slow soya harvest.
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