Chicago Board of Trade soyabean futures mostly lower early on Friday after the US Department of Agriculture projected a record large US soyabean harvest above 4 billion bushels, topping even the highest forecast in a range of analysts' expectations. However, futures pared losses by the close and some deferred contracts ended higher, supported by commercial and end-user pricing, traders said.
The most-active November soyabean contract settled down 2-1/4 cents at $9.81-3/4 per bushel, after dipping to a one-week low at $9.62-1/2.
The spot August soyabean contract expired during the session, settling down 19 cents at $10.03-1/4, pressured by deliveries of 220 contracts, the first of the contract's delivery cycle.
The USDA projected the US 2016-17 soyabean yield at 48.9 bushels per acre and production at 4.060 billion bushels, both record-high figures, if realised.
The USDA lowered its forecast of 2015-16 soyabean ending stocks to 255 million bushels, down from 350 million in July and below an average of trade expectations.
But the government also raised its forecast of 2016-17 soyabean ending stocks to 330 million bushels, up from 290 million last month and above an average of trade expectations.
Strong export demand lent support. The USDA said private exporters in the last day sold 258,000 tonnes of US soyabeans to China for 2016-17 delivery.
CBOT soyameal futures closed mostly lower, following soyabeans, while soyaoil futures rose, gaining against soyameal on oil/meal spreads.
USDA lowered its estimates of 2015-16 and 2016-17 soyaoil ending stocks, lending support to soyaoil futures.