Chicago Board of Trade soyabean futures were lower early Friday on profit-taking ahead of the weekend and relief that overnight US temperatures were not cold enough to damage the crop, brokers said.
The US soyabean crop is in its key pod-setting and pod-filling stage of development. CBOT traders had feared that a dip in overnight temperatures could damage northern US soyabean fields.
Temperatures in Minnesota and northern Iowa fell only to 47 to 48 degrees Fahrenheit, according to Joel Burgio of Meteorlogix weather service. CBOT soyabeans were last down 4-3/4 cents to 8-1/2 cents, with September down 7-1/4 cents at $5.91 and November down 8-1/2 cents at $5.81, well below this week's three-week high of $5.94-1/2.
R.J. O'Brien sold 300 November, Man Financial sold 200 November, DT Trading bought 400 November and Cargill Investor Services bought 300 November, brokers said.
US Midwest cash basis levels were steady to firm early Friday, while overnight US soyabean export business was quiet.
Overnight reports that a deadly bird flu strain had spread to pigs in China and that a strain had been found in Malaysia also weighed on CBOT soya futures on Friday, brokers said.
The most recent outbreak of bird flu in Asia, particularly in China, Indonesia, Vietnam and Thailand, has kept soyabean and soyameal importers at bay, dealers said.
In the previous outbreak, the deadly disease spread across much of Asia from December 2003 to March 2004, killing 24 people and sparking worries that the region faced a crisis on the scale of SARS. Some 100 million fowl died or were culled, dampening soyameal demand, CBOT traders noted. CBOT soyameal futures were last down $1.00 to $3.60 per ton, with September down $1.20 at $199.00 and December down $3.30 at $174.80. Cargill Inc sold 100 October, brokers said.
CBOT soyaoil futures were last down 0.14 cent to up 0.03 cent per lb, with September down 0.01 cent at 23.15 and December down 0.12 cent at 22.30 cents. ADM Investor Services sold 200 October early, brokers said.
There were no deliveries posted on Friday against the expired CBOT August soyaoil.