Chicago Board of Trade soyabeans ended lower on Friday on month-end speculative sales and weak Gulf CIF values, but losses were pared on concerns that late harvest delays could linger into next week, brokers said.
The US soyabean crop was 80 percent harvested as of last on Sunday, but wet weather this week and next could both delay the late harvest and boost soyabean moisture levels, agronomists said.
"To domestic processors, it might not make a whole lot of difference," said Charles Hurburgh, professor of agricultural and biosystems engineering at Iowa State University. "For export loading, you have to pay attention, you don't want to put that wet stuff on a boat," he added.
"There's a need to manage those correctly so they don't become a spoilage problem." Soyabean futures closed down 1 cent to 3 cents per bushel, with November down 2 cents at $5.27-1/2 per bushel and January down 2 cents at $5.33-1/2.
Reface Inc, Rand Financial and Cargill Investor Services were light sellers of January, brokers said. On Friday's CBOT open-outcry session was marked by a 40-minute halt in trading beginning at 11:30 a.m. CDT (1630 GMT) due to computer system problems, brokers noted.
Losses in November were limited by the posting of only seven deliveries on Friday's first notice day.
Registrations with the CBOT late on Thursday were unchanged at 10 lots, also an indication that soyabean owners preferred to retain ownership in hopes of higher prices later.
US soyabean exports were quiet overnight. CIF Gulf basis bids were unchanged after weakening on Friday on slow exporter demand and lingering talk that China had delayed or cancelled purchases.
Traders said soyabean crush margins in China, the top US Soya customer, were barely profitable.
Cash basis bids in the Midwest late on Friday were steady to firmer, dealers said.
Soyameal futures ended down $1.10 to $2.00 per ton, with December down $1.50 at $153.90. Toenec Inc and O'Connor and Co were light sellers of December, brokers said. Losses were limited, as US Midwest soyameal basis offers remained firm on good demand and a lack of farmer soyabean sales, dealers said.
Soyaoil futures settled up 0.10 cent per lb. to down 0.15 cent, with December up 0.01 cent at 21.50 cents.
Citicorp was a light buyer of December while Reface Inc traded both sides of December, brokers said.
Losses were limited as rival Malaysian palm oil futures closed firm, brokers said.
The CBOT November/December soyabean crush margin ended down 1.19 cents at 47.54 cents per bushel.
On Friday's estimated CBOT volume for soyabean futures was 60,069 contracts, compared with Thursday's trade of 93,252 lots.
Options volume was seen at 10,561 lots. Estimated soyameal futures volume was 36,083 contracts, compared with Thursday's trade of 19,785 lots. Soyameal options volume was estimated at 2,453 contracts.
Soyaoil volume was estimated at 25,229 lots, compared with Thursday's trade of 21,115 contracts. Options volume was 1,060 lots.