Chicago Board of Trade soyabean futures were lower on Wednesday on outlooks for a huge US soya crop as Midwest weather remains favourable for pod setting and filling, traders said.
Soyabean futures were 3-1/4 cents to 8 cents per bushel lower by 10:15 am CDT (1515 GMT). August was down 4 cents at $5.95-1/2. New-crop November was 7 cents lower at $5.60.
August turned lower after opening higher on a technical recovery from its recent sharp slide.
There was also lingering talk before the open that China may have bought US soyabeans out of the US Gulf this week. But volume was thin in August, keeping volatility high. August open interest had dwindled to 5,862 lots as of the open.
No soya was posted Wednesday for delivery on the August contract and registrations with the CBOT were unchanged at two lots. Cash basis bids late Tuesday in the Midwest were steady to weak and farmer selling was slow. Soyameal futures followed the drop in soyabeans and the recent weakness in the US cash soyameal market. Meal futures were down $3 to up 20 cents per ton, with August down $3 at $185.
No soyameal was posted Wednesday for delivery on the August contract and registrations with the CBOT remained at 57 lots.
Soyaoil futures were mixed, with the nearby higher on an oversold technical bounce. Also supportive was the firmer close in Malaysian palm oil futures on speculative buying.
No soyaoil was posted Wednesday for delivery on the August contract and registrations with the CBOT were unchanged at 3,653 lots.