CHICAGO: US soyabean futures closed lower on Thursday, but late short-covering trimmed losses, traders said.
Jitters over turmoil in oil-producing Libya remained a key market focus as investors liquidated long grain positions in a flight from risk.
In addition, USDA released its updated forecast for acreage before Thursday's market open, projecting US soyabean plantings at 78.0 million acres and production at a record 3.345 billion.
The acreage estimate was unchanged from the USDA's Feb. 14 forecast, and was slightly higher than analysts' expectations.
March soyabeans settled 1-3/4 cents a bushel lower at $13.18-1/4, while new-crop November was down 9-1/2 cents at $12.86-1/4.
The CME group estimated volume in soyabean futures at 222,244 contracts, about 25 percent below the 30-day moving average computed by Thomson Reuters.
Funds sold an estimated net 3,000 contracts.
Argentina's 2010/11 soya production is seen rising to 48.8 million tonnes, up from the previous forecast for 47.0 million tonnes, due to improved weather, the Buenos Aires Grains Exchange said.
Persistent rains over Paraguay have kept farmers from harvesting soyabeans, a government official said. Although harvesting began in early February, farmers have been able to bring in only about 15 percent of the 2010/11 crop.
US January 2011 soya crush pegged at 149.17 million bushels. - Census.
Spot cash basis bids for corn were mostly steady in the US Midwest, while soyabean bids were steady to firm amid few farmer sales, dealers said.
CBOT March soyameal down $1.40 at $350.40 per ton. Following soyabeans.
Funds sold an estimated net 1,000 soyameal contracts.
CBOT March soyaoil down 0.41 cents at 54.61 cents per lb.
Funds sold an estimated 3,000 soyaoil contracts.
Comments
Comments are closed for this article.