Chicago Board of Trade soyabean futures closed mostly lower on Friday, with front-month March through August 2011 posting declines and far-deferred months slightly higher. Traders noted active rolling into the deferred contracts - selling nearby months and buying the deferred - following the release of an Informa Economics acreage forecast that lowered its estimate for 2011 soyabean seedings.
After the market closed, a spokesman for the US Soyabean Export Council said the Chinese trade delegation signed agreements to buy 8.45 million tonnes of US soyabeans, bringing the total amount of the agreements made during their US visit this week to 11.52 million tonnes. March closed down 2 cents per bushel at $14.12-1/4. New-crop November was up 6-1/2 cents at $13.48-1/4.
Funds were net sellers of an estimated 3,000 soyabean futures contracts. Daily volume was estimated at about 217,600 contracts, according to data provided by the CME Group. USDA said export sales of US soyabeans last week totalled 915,800 tonnes, above estimates for 550,000 to 700,000 tonnes. China's state corn, soya auctions to continue next week.
Soya crops in Argentina are expected to experience drier and hotter weather through the weekend followed by showers early next week. Crop weather in Brazil remains satisfactory. March soyameal closed down $5.70 at $379.60 per ton. Following soyabeans lower on profit-taking. Funds sold 2,000 contracts.
USDA said export sales of US soyameal last week totalled 232,400 tonnes, above estimates for 75,000 to 150,000 tonnes. March soyaoil up 0.30 cents at 57.56 cents per lb. Funds bought 3,000 contracts. USDA on Friday said export sales of US soyaoil last week totalled 60,100 tonnes, above estimates for 40,000 to 60,000 tonnes.
Comments
Comments are closed for this article.