The Chicago Board of Trade soyabean market ground lower early Wednesday on follow-through technical weakness from Tuesday amid a lack of news and light volume ahead of the US Thanksgiving holiday, traders said.
US Census Bureau monthly soya crush released on Wednesday came in as expected but US stocks of soyameal and soyaoil were bigger than estimated, casting a bearish tone to the soya complex.
"We got the confirmation of big oil yields and that's really the feature. South American weather is still overall favourable so we really don't any bullish news," said one-cash connected trader.
January soyabeans were 2-3/4 cents lower at $5.69-1/2 per bushel by 10:30 am CST (1630 GMT). The deferreds were 1-1/2 to 3-3/4 cents lower. December soyameal was down 70 cents at $172.90 per ton, with deferreds 50 cents to $1.30 lower.
December soyaoil was 0.19 per lb weaker at 21.79 cents, with the back months 0.05 to 0.21 down. December fell below a key support level of 21.85 cents, casting a bearish technical signal, traders said.
Volume was light ahead of the holiday and early close. Calyon sold 200 January soyabeans, traders said.
CBOT agricultural markets will close on Wednesday at noon CST. The markets will remain closed on Thursday for Thanksgiving, reopening with the electronic session that evening. Open outcry markets will close at noon CST on Friday.
The US Census Bureau reported the US October soyabean crush at 158.22 million bushels, compared to estimates for 158.0 million to 159.0 million and the October 2004 crush of 155.3 million.
The bureau reported US October soyameal/hullmeal stocks at 316,137 tons, well above estimates for 212,000 to 281,000 and up from September stocks of 171,796 tons. US October soyaoil stocks were at 1.864 billion lbs versus estimates for 1.812-1.825 billion and the year-ago total of 1.255 billion.