US soyabean ended lower, although well off session lows, on Wednesday as traders digested a USDA supply/demand report that included a much higher-than expected 2010/2011 soyabean carryover estimate of 170 million bushels, traders said. The agency's estimate for the 2011/2012 marketing year was 160 million bushels, slightly lower than the average estimate of 167 million bushels.
The soyabean complex also was pressured by a steep sell-off in crude oil futures after the US government reported crude stocks rose more than expected last week, traders said. Crude oil futures were down more than $4 a barrel in late afternoon trading. CBOT July soyabeans held well above the 200-day moving average at $12.71-3/4.
Basis bids for corn and soyabeans shipped by barge to the US Gulf Coast were mostly steady early on Wednesday amid slow barge movement and slow demand from Gulf exporters, cash sources said. Slow export demand prompted the US Agriculture Department to cut its 2010/11 US corn export forecast by 50 million bushels on Wednesday and raise its historically tight ending stocks estimate.