Chicago Board of Trade soybean futures were mostly lower on Friday as traders anticipated a substantial advance in the US soy harvest, brokers said.
"This weekend's soybean harvest should be active, with possibly up to 8 percent of the total harvest done by Sunday," one CBOT floor broker said. "Weekend and longer-term weather forecasts are also good for finishing the crop."
Reports of good early harvest yields, consistently above the US Department of Agriculture's average estimate of 38.5 bushels per acre, also continued to weigh on CBOT soy, they noted.
Soybean futures were last down 2-1/2 cents to up 1/4 cent, with November down 1-1/4 cents at $5.56 and January down 2-1/4 cents at $5.63.
Losses were limited by oversold conditions, brokers said. The nine-day relative strength index for November was last at 15, well below the benchmark 30 level commonly seen as indicating oversold levels.
Refco Inc sold 300 November, while Cargill Investor Services and DT Trading each sold a net 200 November early, brokers said.
Cash US Midwest basis bids early Friday were mostly firm.
Overnight US soybean export business was quiet, but this week's purchases of US soybeans by top US soybean customer China and reports of better crushing margins there spurred hopes of more near-term sales, some CBOT brokers said.
China also forecast its 2004 soybean production at a record 18 million tonnes, up from its 2003 production of 15.4 million tonnes.
CIF Gulf soy basis bids were mostly steady early Friday and traders continued to monitor news of cleanup operations along the Gulf of Mexico following the US landfall of Hurricane Ivan on Thursday.
Grain loading at the Gulf was expected to resume by the weekend or early next week after power was restored and debris cleared, sources said.
CBOT soymeal futures were last down $1.00 per ton to up $1.60, with October down 30 cents at $163.50 and December down 40 cents at $165.30 per ton.
Cargill Investor Services sold 300 December, Refco Inc bought 200 December and Tenco Inc and Prudential Securities each sold 100 December, brokers said. Cash US soymeal basis offers were weak early Friday, dealers said. Canadian weekly oilseed crush data showed a 21.1 percent week-over-week boost in soybean crush and a 12.8 percent decline in canola crush.
Soyoil futures were last down 0.05 cent per lb to 0.23 cent per lb, with October down 0.22 cent at 22.21 cents and December down 0.20 cent at 21.98 cents, after hitting a one-month low of 21.86.
Light pressure was seen from a lower close in rival Malaysian palm oil, they added. There were no deliveries posted on Friday against the expired CBOT September soyoil contract.