Chicago Board of Trade soyabean futures ended mostly higher on Friday on good commercial and speculative buying amid renewed concerns about South America's much-anticipated soyabean crop, traders said.
A Census Bureau report of a strong US January soyabean crush also sparked Friday's buying, they said. Soya traders are closely watching demand data to gauge whether much-needed rationing of short US soya supplies is taking place.
Soyabeans settled up 14-1/2 cents to down 3/4 cent, with March up 14-1/2 cents at $9.42-1/2 and May up 12-1/2 cents at $9.37-1/2. Commodity funds bought at least 4,000 lots and commercials were net buyers, brokers said.
Soyameal ended up $3.40 per ton to unchanged, with March up $3.40 at $279.90 and May up $3.20 at $281.40. Commodity funds and commercials were net buyers, traders said.
Soyaoil settled up 0.47 cent to down 0.62 cent, with March soyaoil up 0.14 cent at 34.19 cents and May up 0.37 cent at 34.03. Commodity funds were about even, while commercials were net buyers, traders said. Soyaoil found additional support from a firm close in Malaysian palm oil.
Friday's forecasts by Brazilian meteorologist Somar for continued dry weather in the second largest soya producer's southern region renewed worries about supplies, traders said.
South America's adverse crop weather and Brazilian harvest delays come at a time when US soya stocks have been pared to very tight levels. The US Department of Agriculture last forecast US soya ending stocks to fall to a 27-year low by Aug. 31.
Moreover, Census said the US January soyabean crush was 145.95 million bushels, above an average of analysts' estimate for 143.0 million. US soyameal stocks at the end of January totalled 325,496 tons, below analysts' estimates, and US soyaoil stocks totaled 1.917 billion lbs, above analysts' estimates for 1.801 billion, Census said.
Cash soyabean basis markets were steady across the US Midwest on Friday, dealers said. In overnight export news, South Korea passed on a tender to buy 105,000 tonnes of Brazilian and US soyabeans.
Friday's gains followed an early break on news of heavy deliveries against March soyabeans on their first notice day.
The CBOT reported 236 lots were posted for delivery, with the ADM house account posting 180 lots and a Cargill Investor Services customer account stopping 186 lots. Registrations of soya with the CBOT jumped to 331 lots late on Thursday.
A total of 446 lots were posted early Friday against March soyameal, well above traders' estimates, while registrations of soyameal rose to 513 lots from 340 lots late Wednesday.
Soyaoil deliveries on the March contract on Friday totalled 854 lots, compared with traders' estimates for up to 2,000 lots. However, registrations of soyaoil with the CBOT late Thursday jumped to 5,152 lots from 4,491 Wednesday. The CBOT May crush margin ended down 1.39 cents at 55.91 cents.
Estimated soyabean volume on Friday was 58,434 lots, compared with Thursday's 108,291. Options trade was seen at 15,596. Soyameal futures volume was 25,198, compared with Thursday's trade of 46,266 lots. Meal options trade was estimated at 1,243 lots.
Soyaoil volume was estimated at 22,551 lots, compared with Thursday's trade of 46,544. Soyaoil options trade was seen at 1,540 lots.
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