The Chicago Board of Trade soyabean market was consolidating early on Thursday after a two-day rally ahead of the USDA monthly crop report on Friday, traders said. November soyabeans was down 3/4 cent at $9.67-1/2 per bushel by 10:35 am CDT. The back months were steady to down 1-1/4.
December soyameal was down $1.40 per ton at $273.50, with the nearby months though July 2008 down 90 cents to $1.40, setting back after a two-day bounce. December soyaoil was up 0.30 cent per lb at 39.77 cents per lb, with the other months up 0.24 to 0.30 cent - lifted by the $1.80 per barrel rally in crude oil on a decline US crude stocks. USDA weekly export sales data will be released on Friday, delayed one day due to this week's holiday.
However, USDA confirmed early Thursday that a sale of 130,000 tonnes of 2007/08 US soyabeans to unknown destinations was cancelled. In other export news, Taiwan Sugar Corp will tender to buy 10,000 tonnes of US soyabeans on October 18, to be shipped via container.
In the overnight delivery market, there were heavy October soyameal deliveries of 718 which were met by scattered stoppers. October soyaoil deliveries of 1,568 overnight were also large. Big stoppers were customers of Man Professional and Fortis taking 612 and 404 lots, respectively.