Chicago Board of Trade soyabean futures ended lower on Wednesday on profit taking before the US Thanksgiving holiday, traders said. The market was poised for a setback after notching a 19-year top this week. But trade was mixed and choppy during the shortened pre-holiday session.
The CBOT markets will be closed on Thursday for the US Thanksgiving holiday, reopening on Thursday night for the electronic session. "We've had a big run-up and traders wanted to take profits, even up before the holiday," one CBOT floor broker said.
January soyabeans ended 3 cents a bushel lower at $10.84. The deferreds were 2 to 5 cents weaker. The products were mixed. Commercial pricing lifted Soyaoil. December soyaoil settled 0.23 cent per lb higher at 45.95 cents, after rising to a fresh 33-year top of 46.02 cents.
The deferreds ended steady to up 0.25 cent. Soyameal was pressured by the weakness in soyabeans, closing 70 cents to $2.70 per ton lower with December down $2.60 at $287.40. Commodity funds sold 1,000-2,000 soyabean contracts, 2,000 soyameal and bought 1,000 soyaoil.
Commercials also bought soyaoil, about 2,000 contracts with processor Bunge, ADM Investor Services and Fortis featured buyers, traders said. Soyaoil brushed off the weakness in crude oil, which slipped after it rose to an all-time high of over $99, a barrel.
In export news, Taiwan bought 16,000 tonnes of US soya and 29,000 tonnes of corn. Drier weather in Brazil's Rio Grande do Sul and Parana soya region improved planting conditions, DTN Meteorlogix said. Midwest spot basis bids were steady on Wednesday with sales slow before the holiday, dealers said.