Chicago Board of Trade soyabeans were mixed at midday Wednesday after early two-sided trade, with nearby contracts up on US export hopes, traders said.
Talk of possible cancellations of Brazilian soyabean purchases by Mexico due to fungicide contamination and of Chinese inquiries into US soyabeans from the Pacific Northwest remained supportive. Those rumours had also helped to boost nearby CBOT soyabean futures on Tuesday.
The rumours followed recent news that China, the top global soya importer, was turning back Brazilian soya cargoes, citing unacceptable fungicide levels.
They also raised questions about where Mexico will find soyabeans, if newly harvested Brazilian soya cargoes are unacceptable.
CBOT soyabeans were up 6 cents to down 5 cents per bushel, with July up 1-1/4 cents at $8.83-1/2 and November down 1-3/4 cents at $7.08-1/2. Nearby July failed to top Tuesday's high of $8.96 in early trade.
Soyameal was down $1.50 to $4.40 per ton, with July down $4.40 at $282.60 and December down $2.70 at $227.00 per ton. Nearby July failed to top Tuesday's high of $290.00 in early trade, and turned lower. Cash Midwest soyabean basis bids were weak on Wednesday.
Soyaoil futures were up 0.36 cent per lb to down 0.05 cent, with July up 0.36 cent at 29.10 cents. R.J. O'Brien bought 400 July and Tenco Inc. sold 100 July, brokers said. Gains were limited by a weak close in rival Malaysian palm oil futures, brokers said.
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