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Chicago Board of Trade soyabean futures closed mostly higher on Wednesday, although front-month soybeans were lower on late fund selling and talk of rain in prime crop areas of Argentina, traders said. A weaker US dollar and news that China has pledged to buy up to 2.0 million tonnes of US new-crop soy underpinned prices earlier in the day.
March soyabean closed down 1-3/4 cents per bushel at $14.11-1/2. New-crop November soyabean was up 10 cents at $13.36. Funds were net sellers of an estimated 2,000 soybean futures contracts. Daily volume was estimated at about 227,530 contracts, according to data provided by the CME Group. Soy areas in Argentina to receive showers on Wednesday, followed by hotter and drier weather through the weekend. Long- range charts indicates showers early next week. Satisfactory crop weather continues in Brazil.
Cash traders said basis bids for corn shipped by barge to the US Gulf Coast were steady to weak early, pressured by ample supplies in the pipeline, while soyabean basis was mostly steady. March soymeal closed down $0.10 at $383.30 per ton. Funds sold 2,000 contracts. March soyoil up 0.14 cents at 57.69 cents per lb. Funds bought 2,000 contracts.

Copyright Reuters, 2011

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