US soyabean futures ended slightly lower on Thursday but above earlier session lows, with meal closing higher on support from new-crop corn gains, traders said. Wet weather in US corn-producing regions is slowing plantings and threatening 2011 corn production, the traders said.
A rally in crude oil prices also underpinned soya, they said. Earlier on Thursday, soya was pressured by weaker-the-expected export sales, which prompted some holders of long positions to liquidate. The USDA reported on Thursday that export sales of US soya last week totalled a net 79,400 tonnes, below the range of estimates for 200,000 to 350,000 tonnes.
In addition, the National Oilseed Processors Association's monthly crush data showed March US soyabean crushings at 134.391 million bushels, up from 124.884 million in February. March US soyameal exports totalled 518.861 tons, compared with 663,586 tons reported in February, NOPA said. A bumper soya crop is expected in South America. Argentina's 2010/11 soya harvest is expected to come in at 49.2 million tonnes, up from a previous prediction of 48.8 million tonnes, the Buenos Aires Grains Exchange said on Thursday.
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