US soyabean futures on the Chicago Board of Trade fell 3 percent on Wednesday on bearish US stocks data and news that a dockworkers' strike in Argentina was near an end, traders said. USDA's March 1 US stocks figure of 1.270 billion bushels was above the average trade estimate of 1.208 billion, easing supply worries.
After the CBOT close, industry sources said Argentine port workers had reached agreement to end the strike, dashing prospects that soya business might be channelled to the United States. Aggressive unwinding of old crop-new crop spreads hammered nearby contracts in soyabeans and soyameal. May soyabeans ended down 33 cents at $9.41 a bushel; November down 8-1-2 cents at $9.18. May soyabeans fell 3.4 percent, biggest one-day drop since mid-December.
May soyameal ended down $17.30, 6.1 percent, at $265.80 per ton; December down $5.50 at $248.60. May soyaoil fell 0.36 cent at 38.31 cents per lb. Soyaoil underpinned by higher crude oil prices. Managed funds sold 8,000 soyabean contracts, 4,000 soyameal and 2,000 soyaoil.
USDA forecast US 2010 soyabean plantings at 78.098 million acres, below the average trade estimate of 78.458 million acres. Drier weather in Brazil boosts soya harvest progress; some risks for harvest delays in northern Argentina. China traders warned off Argentine soyaoil - source. China to restate standard on crude soyaoil imports.