Chicago Board of Trade soyabean futures settled mixed on Tuesday, with August up on firm US cash prices amid the tightest US soya supplies in 27 years and deferred weak on improved US crop conditions, dealers said.
"Trade was slow, with everyone looking forward to Thursday's USDA crop report," said Vice Lesbians, AG Edwards floor analyst. The US Department of Agriculture will release its monthly crop supply and demand data on Thursday at 7:30 am CDT (1230 GMT).
US oilseed analysts on average expected the USDA to forecast a record US 2004 soyabean crop of 2.958 billion bushels, eclipsing the previous mark of 2.891 billion in 2001. CBOT soyabeans settled up 16 cents to down 9-3/4 cents per bushel, with August up 16 cents at $6.30-1/2 and November down 8-3/4 cents at $5.62.
Funds sold 1,600 lots, led by Cargill Investor Services sales of 800 November. Commercials were light net buyers, brokers said. Deliveries against the August contract were nil on Tuesday and registrations of soyabeans with the CBOT were unchanged at two lots.
CBOT brokers watch Dalian soya settlements for signs of changes in demand there. Cash US Midwest basis bids were steady to firm late on Tuesday. CBOT soyameal futures closed down 20 cents per ton to $2.50 per ton, with August down $2.20 at $197.30 and December down $2.50 at $173.90 per ton.
Commodity funds sold 1,000 lots. Commercials, ADM Investor Services, Cargill Inc and Produce Grain each bought 100 September, brokers said. Cash US soyameal basis offers were steady on Tuesday, dealers noted.
In export news, South Korea said it would tender on Wednesday for 55,000 tonnes of soyameal. There was no soyameal posted for delivery against the August contract and registrations were unchanged at 77 lots.
CBOT soyaoil futures closed down 0.25 cent per lb to up 0.10 cent, with August down 0.25 cent at 22.75 and December down 0.10 cent at 20.90. Commodity funds bought 300 lots, and commercials were net buyers, brokers said.
On Tuesday's estimated CBOT volume for soyabean futures was 28,866 contracts, compared with Monday's trade of 35,727 lots. Options volume was seen at 12,286 lots.
Estimated volume for soyameal was 19,070 for futures, compared with Monday's trade of 22,075 lots. Soyameal options volume was estimated at 4,975 contracts.
Soyaoil volume was estimated at 13,709 lots, compared with Monday's trade of 17,769 contracts. Options volume was 2,243 lots.