US soyabean futures on the Chicago Board of Trade ended mixed on Wednesday despite supportive USDA crop data, with the old-crop months pressured by profit-taking after hitting a one-month high overnight. The day featured unwinding of soyabean-corn spreads put on this week before the US Department of Agriculture's monthly crop report.
Traders expected the government to trim its ending stocks figures and boost its 2009 US corn crop estimate, sparking traders to buy soyabeans and sell corn ahead of the report. USDA data came in within trade expectations and triggered profit-taking. August soya ended down 1/2 cent to $12.16 a bushel. New-crop November up 5-1/2 at $10.44. August found additional pressure, especially early in the session, from firms posting their first deliveries against the August contract overnight.
Only 10 soya contracts posted, representing 50,000 bushels of beans, the move was psychologically bearish, traders said. August soyameal closed up $4.80 per ton at $388; deferreds ended $1 to $3.20 lower amid oil/meal spreading. Tight soyameal stocks support August. Volume also thin in August. August soyaoil up 0.45 cent per lb at 38.47 on spillover buying from crude oil.
Commodity funds bought 2,000 soyabean contracts, 1,000 soyaoil and were even to net sold 500 soyameal contracts. USDA forecast 2008/09 US soyabean ending stocks at 110 million bushels, unchanged from the month before. The agency cut its 2009-10 soya end stocks figure by 40 million bushels to 250 million.
The estimate reflected a smaller harvest of 3.199 billion bushels, still a record-large crop but down 61 million bushels from last month. USDA confirmed the sale of 113,000 tonnes of 2009-10 US soyabeans to China made this week. Of the total, 58,000 tonnes has previously been reported as sales to unknown destinations.
Soya crop growth and development seen boosted by warmer temperatures in the US Midwest since much of the crop was planted late and development was slowed by cool weather in July. US cash soyabeans steady/weak late Wednesday amid scattered farmer sales. South Korea passes on 110,000 tonnes of soyameal. Palm eases after three-day rally on profit-taking.