Soyabean futures at the Chicago Board of Trade were choppy and mixed early on Wednesday in consolidation trade ahead of the release early Friday of several important government reports, traders said.
At 10:12 am CDT (1512 GMT), CBOT soya was up 3 cents to down 1/4 cent, with July up 1/2 at $5.78-1/2 per bushel. New-crop November was up 1 at $6.04-1/2.
Goldenberg Hehmeyer bought 200 November, Calyon Financial bought 300 November and R.J. O'Brien bought 100 November. ABN Amro sold 200 November and DT Trading sold 200 November.
"I think everyone is just getting ready for Friday," a trader said. The US Department of Agriculture will release early Friday its June acreage and quarterly stocks reports. An average of analysts' estimates pegged June 1 soya stocks in the United States at a record-high 1.016 billion bushels, sharply above the 699 million bushels on hand a year ago.
Analysts on average forecast US soya acreage for the 2006 harvest at 75.166 million, up from last year's 72.1 million. Exports were quiet overnight and Asian trade sources said China is hesitant to book more soya because demand for animal feed is slow to recover and freight costs are high.
Cash basis bids for soyabeans in the Midwest were steady to higher and farmer selling remains slow. Soyameal also was mixed, ranging from flat to $1.50 per ton higher. July was unchanged at $173.10 per ton. Traders said soyameal was being led by the choppy early dealings in soyabean futures. Soyaoil was down 0.16 to 0.28 cent per lb, with July down 0.21 at 24.93 cents per lb.