Soybean futures at the Chicago Board of Trade turned firm on Friday on a technical bounce after the back months slid to contract lows late Thursday and again in overnight trade, floor traders said. Traders were also reacting to a smaller-than-expected private crop estimate released early Friday by analytical firm Informa Economics, formerly Sparks Cos. Trade sources said Informa pegged this year's US soya crop at 3.150 billion bushels, above USDA's October forecast estimate for a record-large 3.107 billion bushel crop. Traders expected a bigger estimate, closer to 3.3 billion bushels.
USDA will release its next crop report on Nov. 12.
Strength in the soyaoil pit amid commercial buying, added to the climb in soyabeans, floor traders said.
CBOT soyabean futures were up 1/4 cent to 4-3/4 cents per bushel by 1045 CST (1645 GMT). November was 1/2 cent higher at $5.10, even with January which was up 3-3/4 cents at $5.10.
Both commercials and funds were buyers of January soyabeans, traders said. ADM Investor Services and Cargill each bought 500-700 December soyaoil, traders said.
But Midwest cash basis bids at interior locations stayed firm early Friday as processors try to source beans. Tight cash market underscored by no soya deliveries against the November contract on Friday. Registrations of soya with the CBOT remained at zero late Thursday.
Soyameal futures also turned mostly higher, recovering technically after dropping to contract lows in several months near the open, following early weakness in soyabeans. Commercial pricing surfaced near the lows with Cargill Inc buying 300 March, floor traders said.
The meal market was up 30 cents to down 40 cents per ton, with December unchanged at $148.80.
Soyaoil futures were up 0.18 to 0.32 cent per lb, December was up 0.30 at 20.18 cents.