US soybean slightly higher on Friday, bolstered by short-covering to end up 0,61 percent on the day, but down 4.7 percent for the week, traders said. Prices spent the day vacillating on either side of unchanged following outside markets. The US dollar was firmer late in the day and crude oil was lower, the traders noted.
Despite the late-afternoon uptick, allowing the contract to break a string of lower closes, July soybean futures remained below both the 14-day moving average of $13.68 and 100-day moving average of $13.84. Total US nonfarm payroll employment expanded by 244,000 jobs in April according to the Labour Department, well above forecasts. Drier weather in the western US Midwest has allowed some crop plantings and there are outlooks for drier weather in the soggy east and south-east which should help boost spring fieldwork and corn and soybean seedings.
Argentina's 2010/11 soy crop is seen at 50.2 million tonnes, up from a previous forecast issued in April of 49.7 million tonnes, the Rosario grains exchange said in a report on Friday. Corn and soybean spot basis bids were steady to firm around the US Midwest early on Wednesday as farmers focused on fieldwork tasks and delayed sales of both crops, grain merchants said.
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