Soyabean futures at the Chicago Board of Trade were up and down early on Thursday, struggling between short covering and worries about demand for US soyabeans after disappointing weekly export sales data, traders said.
January soyabeans were 1-1/4 cent per bushel lower at $5.56-3/4 by 11:20 am CST (1620 GMT) - after rising 3-1/2 cents and falling 4 cents. The deferreds were down 1-3/4 to up 2 cents.
UBS Warburg sold 400 January, traders said.
"We don't have any real input to say the market should go higher with the sales," said one-cash connected CBOT trader.
The US Department of Agriculture said US soya export sales last week were 370,800 tonnes, near the low end of estimates for 300,000 to 650,000 tonnes.
The sales pace continued to lag a year ago, down 29 percent from 2004, keeping CBOT traders edgy about demand for US soyabeans.
China was the biggest buyer, with 292,800 tonnes, including 110,000 tonnes switched from unknown destinations and 57,000 tonnes switched from Japan. December soyaoil was down 0.09 cent at 20.96 cents and January was 0.09 weaker at 21.20 cents.
Fimat Futures sold 800 December soyaoil, R.J. O'Brien sold 200 soyaoil contracts.
Worries that the spread of bird flu was cutting into demand for US soyabeans remained bearish. Talk continued that Chinese crushers were slowing their crush amid concerns about demand.
Overall good crop weather in South America was also seen weighing on prices. There were some jitters about the dryness in Argentina this week, but rains were expected by Saturday in the southern crop areas and Sunday in the north.
CBOT soyameal futures were choppy too, following soyabeans. December soyameal was up 10 cents at $171.90 per ton and January was 20 cents higher at $172.30.
There were 1,574 contracts delivered against December soyaoil on Thursday. Soyaoil registrations with the CBOT increased to 4,623 lots from 4,519.