US soyabean futures ended lower on Monday, although prices edged off earlier lows as gains in the US dollar also eased, traders said. Spot soyabean prices climbed early to a session high of $14, a technical resistance point, but lacked upside momentum and fell back again, the traders said. Soyabeans plantings are less critical at this stage of the planting season than corn and wheat prices, which are fluctuating widely on weather forecasts.
US soyabean ending stocks "are going to be historically low this year," but "the commodity is still over valued in the world market," said Karl Setzer, a commodity trade advisor at MaxYield Co-operative, in comments to clients. Despite the low carryout projected for the United States, global soyabean inventory is relatively unchanged from a year ago, he said. Cash corn and soy basis bids were mostly steady early Monday, with little farmer selling. Soymeal spot basis offers were mostly steady at truck and rail markets around the United States on Monday as a lack of farmer soyabean sales supported current values, dealers said.