Chicago Board of Trade soyabean futures turned higher on Thursday, recovering on technical and bargain buying after an earlier roughly one-month low, traders said. Front-month CBOT May soyabeans settled up 8-1/2 cents at $10.40-3/4, after dropping to $10.27, the lowest since February 16. Robust weekly export sales and a bigger-than-expected US soya crush in February also buoyed prices.
Soyameal prices pared gains and finished only slightly higher after National Oilseed Processors Association showed a record-large US soya crush for February, suggesting ample soyameal supplies. Argentina's Rosario Grains Exchange slashed 14 percent off its forecast for the country's soya crop, saying drought would limit the crop to 40 million tonnes from last month's estimate of 46.5 million tonnes.
The US Department of Agriculture reported export sales of US soyabeans in the latest week at 1.347 million tonnes (old and new crop years combined), near the high end of trade expectations for 900,000 to 1.4 million tonnes. The CME Group reported 24 soyabean deliveries against the expired CBOT March soyabean contract. There were 129 March soyameal deliveries, with the Bunge house account issuing 127, and 19 soyaoil deliveries.
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