Soyabean futures on the Chicago Board of Trade fell more than 1 percent on Thursday on technical selling and rumours that China might defer some shipments of US soyabeans, traders said. Also bearish, Brazilian government agency Conab revised its 2010/11 soya output forecast to 68.6 million tonnes, near 2009/10 record and at the top of the 67.7-69 million tonne range it issued last month.
CBOT January soyabeans fell 14-1/2 cents to end at $12.81-1/2 per bushel. Stops hit when January broke below support at $12.82-1/4, the low for the previous two days. December soyameal ended down $5.50 at $339.90 a ton; January down $6.40 at $340.70. December soyaoil down 0.01 cent at 53.79 cents per lb; January down 0.03 at 54.15 cents.
USDA reported export sales of US soyabeans in the latest week at a net 870,900 tonnes, within a range of estimates for 800,000 to 1,000,000 tonnes. USDA showed weekly sales of US soyameal at a net 193,400 tonnes, within estimates for 150,000 to 200,000 tonnes. USDA pegged weekly net sales of US soyaoil at 51,300 tonnes, above estimates for 20,000 to 40,000 tonnes.