US soyabean futures on the Chicago Board of Trade closed firm on Thursday following a limit-up rally in wheat, but profit-taking and hedge-related selling took the market off its highs, traders said. Wheat soared on news Russia set a temporary ban on grain exports beginning August 15.
Strong export demand for US soyabeans added support. August soyabeans ended up 2 cents at $10.55 per bushel; most-active November finished up 4-3/4 at $10.29, after reaching an eight-month high at $10.49. August soyameal up $2.10 at $313.60 per ton, most-active December up $3 at $295.40. August soyaoil down 0.10 cent at 41.26 cents per lb; most-active December down 0.10 at 42.00 cents.
Funds were net buyers of 5,000 to 6,000 soyabean contracts, 2,000 soyameal and 1,000 to 2,000 soyaoil. Informa Economics raised its estimate of the US 2010 soyabean crop to 3.385 billion bushels, up 3 million from July; soya yield seen at 43.4 bushels per acre. USDA reported export sales of US soyabeans in the latest week at 1,300,000 tonnes, above estimates for 950,000 to 1,250,000 tonnes.
USDA put weekly US soyameal sales at 135,100 tonnes, within estimates for 75,000 to 175,000 tonnes. USDA put weekly US soyaoil sales at 66,800 tonnes, above estimates for 35,000 to 65,000 tonnes. Through its daily reporting system, USDA also confirmed sales of 455,000 tonnes US soyabeans to China and 111,500 tonnes to unknown destinations, all for 2010/11 delivery. No soyabean or soyameal deliveries against August contract; soyaoil deliveries totalled 2,162 contracts.