Chicago Board of Trade soyabean futures closed lower on Monday after extending a near-17-month high, dragged down by a bounce in the dollar and positioning ahead of a key US government crop report on Tuesday. Analysts expect USDA on Tuesday to raise its estimate of US soyabean production but lower US 2010/11 ending stocks due to a red-hot export pace.
Surging Asian vegoil markets and strong US soyabean export demand from China underpinned futures. USDA confirmed sales of 300,000 tonnes US soyabeans to China, including 120,000 for 2010/11 delivery and 180,000 for 2011/12. CBOT November soyabeans ended down 9 cents at $12.64-1/2 a bushel after reaching $12.78-1/2, highest spot price since June 2009; benchmark January down 9-1/4 at $12.74-3/4. Trading volume in soyabeans estimated near 128,000 contracts, some 36 percent below the 30-day average near 200,000. December soyameal down $3.10 at $344.90 a ton.
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