US soyabean futures on the Chicago Board of Trade end mostly lower on Tuesday on profit-taking after this week's rally to a 7-month top and prospects for more US soya acres if rains limit corn seedings, traders said. But old-crop-new-crop spreads stayed firm amid tight 2008/09 stocks given this season's strong export pace.
Front-month May, now in delivery, ended up 3/4 cent at $11.16 a bushel. More active July closed 2-1/2 cent lower at $11.01 - an $1.40-1/2 premium to new-crop November which ended 10 down at $9.60-1/2. Soyameal ended mixed, with nearbys firm. May soyameal ended 90 cents up at $358.50 per ton. Soyaoil was pressed by the weaker soyabeans and crude oil. May soyaoil closed 0.25 cent down at 37.69 cents per lb.
Funds sold 2,000 soyabean contracts, 1,000 soyaoil and were even in soyaoil. Volume was moderate. Estimated soyabean trade was 148,827 futures and 31,680 options. Soyameal volume seen at 50,360 futures and 1,485 options. Soyaoil trade estimated at 65,894 futures and 4,014 options.
USDA late on Monday said 6 percent of the US soya crop had been planted, below trade estimates for 7-10 percent and below the 11 percent five-year average. Corn planting was only 33 percent seeded. Typically half of the corn crop is seeded by early May.
Wet weather, especially in the eastern Corn Belt, is delaying fieldwork, which could lead to fewer intended-corn acres and more soyabeans, a later planted crop. Margins to trade soyabeans reduced effective Thursday. Overnight, light May soyabean deliveries of 24 contracts and no soyameal. Heavy May soyaoil postings, 2,035 lots, which were met by a strong stopper.
Man customer took 1,202. Hamburg-based oilseeds analyst Oil World again cuts Argentina 2009 soyabean crop forecast. Talk among grain analysts and traders is Argentine crop could be as low as 31.0 million to 34.0 million tonnes. USDA currently forecasting crop at 39 million tonnes. US drafts rule to lower CO2 output from biofuels.
Traders continue to monitor H1N1 flu virus for market fallout. Several countries have banned US, Canadian and Mexican pork on concerns about global spread of the flu. Hog diets are rich in corn and the soyabean by product soyameal. US Midwest soyabean basis bids firmed at river terminals late Tuesday to meet exporters demand for soya.
Some farmer sales of old-crop noted -dealers. Malaysian palm oil fell overnight. Palm oil prices to firm on low stocks - Oil World CBOT to launch calendar option spreads for corn, wheat, soyabeans, soyameal and soyaoil starting June 1.