US soyabean futures closed sharply lower on Friday, led down by plunging spot August amid deliveries of 227 lots on that contract. August expired down 87-1/4 cents per bushel at $11.00 per bushel. New-crop November down 37-1/4 cents at $9.81-1/2. Funds sold 5,000 lots. New-crop November closed at $9.81-1/2, above key support at $9.80.
Disappointing NOPA crush figure adding to the bearish sentiment along with good US crop weather and falling crude oil. National Oilseed Processors Association reported July soya crush 120.920 million bushels, far below average analysts' estimate for 130.4 million. Pod setting of soya in the United States seen enhanced by warmer temperatures and showers over at least the next week in the US Midwest and similar good crop weather continues in the US Delta soya region.
Spot basis bids for soyabeans lower on Friday morning around the US Midwest. CBOT August soyameal expired down $10.90 per ton at $380.00 per ton. September down $16.60 at $319.30. Soyameal ended down on spillover pressure from falling soyabeans. No deliveries on August. NOPA reported US July soyameal exports 413,833 tons, versus June 608,912.
CBOT August soyaoil expired down 0.36 cent per lb at 37.18 cents. September down 0.46 cent per lb at 37.18. Spillover pressure from drop in soyabeans and falling crude oil. Deliveries on August 148 lots. Palm tumbles on profit-taking, exports limit drop. NOPA reported US July soyaoil stocks 2.804 billion lbs, versus June 2,907 billion.