US soyabean futures on the Chicago Board of Trade fell 2 percent on Wednesday, pressured by a rebound in the dollar and weak cash soya markets, traders said. Traders were also taking profits after soyabeans rallied to the highest spot price in three months earlier this week.
Commercial selling continued for a third day but slowed as the market fell to its lows, traders said. January ended down 25-1/2 cents at $10.34 per bushel, back months down 10 to 25 cents. Soya products also fell; December soyameal ended down $7.40 at $317.30 per ton, January down $7.90 at $305.50.
December soyaoil closed down 0.83 at 39.75 cents per lb, January down 0.81 at 40.11. Funds sold 5,000 to 6,000 soyabean contracts and 2,000 to 3,000 in both soyameal and soyaoil, traders said. Wet weather to slow final soya harvest in the US southern, Delta and eastern crop region at midweek, but extended forecasts indicate better harvest weather.
US cash soyabean basis firmer in eastern Midwest, softer in west after scattered farmer selling this week. US cash soyameal basis weak amid light demand. In the delivery market, there were no December soyameal deliveries, while 775 contracts posted in December soyaoil. Malaysian palm oil holds firm, industry meeting eyed. Pakistan to import more than 100,000 tonnes palm oil in December. Palm oil output growth in 2010 seen slower on weather.