Chicago Board of Trade soyabean futures fell early Thursday on liquidation of old-crop contracts amid extreme price volatility and on prospects for good US crop development, brokers said.
Soyameal futures were sharply lower on talk that US processors obtained fresh soyabean supplies when farmers sold on Wednesday's CBOT rally.
Profitable crush margins recently prompted US oilseed processors to bid up soyabean prices.
The CBOT board crush margin was sharply lower at midday Thursday, traders noted.
CBOT July soya futures contracts expire on July 14.
On Wednesday, CBOT July soyabeans traded in an 80-cent range, eventually closing down 18 cents and making a downside reversal on daily charts. The break followed news that US Midwest cash soyabean bids had turned mixed after weeks of strength, on worries about tight US supplies.
US soyabean stocks are projected to fall to a 27-year low by August 31, the end of the 2003/04 US soyabean marketing year, according to the US Department of Agriculture.
CBOT soyabeans were last down 18-1/2 cents per bushel to up 3 cents, with July down 16-1/2 cents at $9.45 and November down 6-1/2 cents at $6.54.
CBOT August briefly dipped to support near its 200-day moving average of $7.93-1/2, but was last trading at down 18-1/2 cents at $8.03. Commodity funds had sold at least 2,500 CBOT soyabean futures by midday, brokers said.
CBOT soyameal futures were last down $18.30 to up 80 cents per ton, with July down $18.30 at $321.50 and December down 50 cents at $208.00 per ton. Commodity funds and commercials were noted sellers, brokers said.
CBOT soyaoil futures were last down 0.79 cent to up 0.05 cent per lb, with July down 0.78 cent at 28.30 cents and December down 0.61 cent at 23.02. Commodity funds were noted sellers, brokers said.