Chicago Board of Trade soyabean futures closed mostly higher Thursday, but well below session highs after a wave of index fund re-balancing materialised late in the session, traders said. Floor sources said the latest round of re-balancing should conclude the annual allocation adjustment by index funds. Expectations for wetter weather in Argentina next week also weighed on prices. Most-active CBOT March soyabeans closed 1 cent per bushel higher at $14.16.
January soyabeans also ended up 1 cent at $14.10 per bushel, and new-crop November soyabeans was up 4-1/2 cents at $13.12-1/2. Funds were net buyers of an estimated 2,000 soybean futures contracts. Soyabean futures volume was about average at an estimated 174,500 contracts, according to Reuters data.
USDA, in its monthly report on Wednesday, reduced its estimate for last year's US corn and soyabean harvests, trimmed its corn and soy output forecast for Argentina, and cut its wheat production view for Australia. USDA's weekly export sales report showed total net export sales of US soyabeans during the week ended last Thursday at 675,100 tonnes, within estimates for 600,000 to 700,000 tonnes. March soymeal closed up $2.10 at $383.60 per ton. Funds bought an estimated net 1,000 contracts. March soyoil down 0.16 cent at 57.71 cents per lb. Funds sold an estimated net 4,000 contracts.