Chicago Board of Trade soyabean futures were mixed early on Wednesday with old-crop July lower and new-crop November higher on a correction in the July/November spread which had firmed during the past week, traders said.
Brokers had been buying the old-crop July contract on worries about tight summer US soyabean supplies and firm cash prices, and selling the deferreds on prospects for a good 2004 US soyabean harvest.
CBOT soyabeans were last down 24 cents to up 7-1/2 cents, with July down 24 cents at $8.60 and November up 7-1/2 cents at $6.66.
Cargill Investor Services sold 500 July, ADM Investor Services sold 100 July and Rand Financial bought 300 July, brokers said.
CBOT soyameal was last down $8.50 to up $2.00 per ton, with July down $8.20 at $275.00 and December up 70 cents at $206.50 per ton.
CBOT soyaoil futures were down 0.11 cent to up 0.07 cent per lb, with July down 0.09 cent at 27.25 cents and December down 0.01 cent at 24.20.
Tuesday's 5-1/2 month low of 27.12 cents in the nearby July contract held early Wednesday. Overnight losses in Malaysian palm oil futures also weighed on CBOT soyaoil, brokers said.