US soyabean futures on the Chicago Board of Trade closed modestly lower on Friday, pressured by a firmer dollar, weaker crude oil and expectations of large South American crops, traders said. However, trade was choppy and prices moved higher at times on ideas soyabeans were oversold after setting a four-month low at $9.00 per bushel this week.
March soyabeans settled down 1/2 cent at $9.13-1/2 per bushel; new-crop November down 6-1/2 at $9.03-1/2. March soyameal ended down 20 cents at $271 per ton; back months mixed. March soyaoil settled down 0.21 cent at 37.00 cents per lb. CFTC's weekly supplement showed managed funds expanded their net short position in CBOT soyabeans in week ended February 2 to 12,498 contracts, up 9,300 lots. Traders await USDA's February supply demand report on Tuesday; USDA seen trimming US 2009-10 ending stocks.
US analysts see South American crops getting bigger. Brief period of hotter/drier weather in Brazil to be followed by showers and cooler temperatures next week; rain and cooler weather boosts soya prospects in Argentina. Dry weather over the past week boosted harvest of Brazil's record soya crop but rains expected this weekend and early next week - Somar. Cash soyabean basis steady-firm in US Midwest interior as farmer selling remains thin. US soyaoil to get lift from advanced biofuels status. Malaysian palm oil futures edge up on export hopes.