Soyabean futures on the Chicago Board of Trade staged a slight short-covering bounce on Monday, snapping a three-day slide, buoyed by strength in corn and wheat as well as a weaker dollar, traders said. Soya rally limited by seasonal pressure ahead of the harvest of a likely record-large US soyabean crop.
Benchmark November soyabeans ended up 3-1/2 cents at $10.34-1/2 per bushel. Spot September, which expires Tuesday, ended up 1-3/4 cents at $10.25-1/4. October soyameal down 40 cents at $290.80 a ton. October soyaoil up 0.06 cent at 41.42 cents a lb. Commodity funds bought 2,000 soyabean contracts, 1,000 soyaoil and were small net sellers in soyameal, traders estimated. USDA reported export inspections of US soyabeans in the latest week at 6.971 million bushels, below trade estimates for 13 million to 16 million.
Drier weather in US Delta favours maturing soya and boosting harvest progress. After the close, USDA said 63 percent of the US soyabean crop was rated in good to excellent condition, down from 64 percent a week earlier. USDA said 38 percent of the crop was dropping leaves, a sign of maturity, ahead of the 5-year average of 30 percent.