Chicago Board of Trade soyabean futures closed mostly higher on Wednesday on firm US cash prices, rain-related harvest delays, speculative buying and export hopes, brokers said.
Soyabean futures settled up 6 cents to down 1/2 cent, with November up 4-3/4 cents at $5.32-1/2, and January up 2-1/2 cents at $5.34-3/4. Commodity funds bought net 1,000 lots and commercials were also net buyers, brokers said. Commodity funds continued to roll positions ahead of first notice day for November on October 29. ADM Investor Services spread 1,700 November/January and 500 November/March. Brokers said.
Firming US soyabean cash basis prices also supported November soyabeans. Traders credited the strength to slow farmer sales as soyabean prices hover near a 17-month low.
Improving US soya export demand, due to the low US soya prices and multi-month lows in the US dollar, was also supportive. The dollar fell on Wednesday to an eight-month low against the euro and three-month low against the yen. Analysts expected the US Department of Agriculture to report on Thursday that up to 1.2 million tonnes of soyabeans had been sold to global buyers, above last week's 980,900 tonnes.
Overnight US soyabean export business was quiet, while CIF soyabean basis bids was steady to firm on Wednesday, dealers said. November soyabeans also found light support from options traders before on Friday's last trading day for November options.
Gains were limited by forecasts for a record US crop this year and good harvest progress, brokers said. The USDA on Monday reported 71 percent of an expected record 3.107-billion-bushel crop had been harvested as of Sunday.
Soyameal futures settled up $1.70 to down 30 cents per ton, with December up $1.60 at $158.40 on light speculative buying and firm soyameal basis offers, brokers said. Hopes for a strong weekly export sales figure on Thursday were also supportive.
Traders looked for the USDA to report weekly sales of up to 225,000 tonnes, versus last week's 177,600 tonnes. Soyaoil futures closed down 0.10 cent per lb. to unchanged, with December down 0.04 cent at 20.63 cents on late profit-taking after commercial and speculative buying, brokers said.