Soyabean futures at the Chicago Board of Trade plunged Friday on month-end profit-taking after climbing to a 34-year high this week, traders said. The products also were pressured by long liquidation and huge first-day deliveries against the December contract.
The weakness in soyaoil and soyameal, along with weaker crude oil markets, added to the selling in soyabeans, traders said. At 11:25 am CST (1725 GMT), CBOT soya was down 8 to 15 cents per bushel, with January down 14-1/2 at $10.83-1/2 per bushel.
The January soyabean contract slipped below its 10-day moving average of $10.88-3/4 overnight, with nearby support seen at this week's low of $10.80-1/2. The next key level is its 20-day MA of $10.64-3/4. Malaysian palm oil futures closed lower.
Additionally, Dalian soya prices plunged overnight on fears Beijing would intervene to curb vegoil prices, which hit an all-time high this month. There were big deliveries on the December soyameal contract of 1,383 lots, well outside estimates for 200 to 500 contracts.
In soyaoil, there were a whopping 7,471 first-day soyaoil deliveries - far above estimates for 2,000 to 4,000 lots. Commercials posted the deliveries and stoppers were scattered among firms - both bearish signs for futures. Soyameal was down $1.50 to $3.60 per ton lower, with December down $3.00 at $289.10 per ton. Soyaoil was down 0.37 to 0.65 cent per lb, with December down 0.62 at 45.58 cents per lb.